The tender guarantee, also known as a tender bond or bid bond is a written document issued by Bank at
the request of the tenderee during the tender process for bids of a construction or procurement of a
a project giving assurance of their performance guarantee. With a tender guarantee the bank undertakes
to pay the beneficiary a certain amount of money if the tenderer withdraws or amend his bid during the
validity period of the bid or refuses to comply with the terms of the contract.