What is the bid guarantee value?

Thursday, 28 September 2023 3:05 PM
When participating in bidding for bidding packages in the form of open bidding, limited bidding or competitive bidding, a bid guarantee must be provided for the bidding package, so what is the value of the bid guarantee? What should contractors pay attention to about bid guarantees? Please share the following article with DauThau.info!
What is the bid guarantee value?
What is the bid guarantee value?

Nhấn VÀO ĐÂY để chuyển bài viết sang bản tin tiếng Việt

Regulations on bid security

Bid security is the contractor or investor making one of the deposit, escrow measures or submitting a letter of guarantee from a credit institution or foreign bank branch established under Vietnamese law to Ensure the bidding responsibilities of contractors and investors within the specified time according to the requirements of the bidding documents and request documents.

In addition, the Bidding Law 2023 also adds another form of acceptable bid security: "Submitting a certificate of guarantee insurance from a domestic non-life insurance enterprise, a branch of a non-life insurance enterprise foreign entity established under Vietnamese law".

What is the bid guarantee value?

The bid security value is specified in Clause 3, Article 11 of the 2013 Bidding Law as follows:
  • For contractor selection, the bid security value is specified in the bidding documents and request documents at a determined level from 1 percent to 3 percent of the bidding package price based on the scale and nature of the contract. each specific bidding package;
  • For investor selection, the bid security value is specified in the bidding documents and request documents at a determined level from 0.5 percent to 1.5 percent of the total investment base. depending on the scale and nature of each specific project.
The bid security value under the Bidding Law 2023 (amended Law) is more clearly specified as follows:
  • From 1 percent to 1.5 percent of the bidding package price applies to construction and mixed bidding packages with a bidding package price not exceeding VND 20 billion, bidding packages for procurement of goods and non-consulting services with a bidding package price no more than 10 billion VND;
  • From 1.5 percent to 3 percent of the bidding package price applies to bidding packages that do not fall into the cases specified in the above point;
  • From 0.5 percent to 1.5 percent of the total investment capital of the business investment project applies to investor selection.

Some notes on bid security

  • Bidding packages with a bid guarantee value of less than 10 million VND currently. The national bidding system allows contractors to commit (directly accumulate commitments on the webform) without having to attach a bank guarantee. credit institution or bank. Therefore, the contractor does not need to request the bank to issue a bid guarantee letter.
  • The validity of the bid guarantee is always equal to the validity of the public bid for an additional 30 days.
  • In case a joint venture participates in bidding, each member of the joint venture can separately perform a bid guarantee or agree to have one member responsible for making a bid guarantee for that member and for other members in the group. joint venture, the total bid security value of the consortium members is not lower than the bid security value as required in the bidding documents.

In what cases is the bid guarantee not refundable?

In what cases is the bid guarantee not refundable? Please continue to follow along in the content below.
đấu thầu
Bidding (Illustration)
  • Contractors and investors withdraw bids and proposals after the bid closing time and within the validity period of bids and proposals;
  • Contractors and investors violate the law on bidding, leading to cancellation of bids according to the provisions of Clause 4, Article 17 of the 2013 Bidding Law;
  • Contractors and investors do not take measures to ensure contract performance as prescribed in Articles 66 and 72 of the 2013 Bidding Law;
  • The contractor fails or refuses to complete the contract within 20 days from the date of receipt of the notice of winning bid from the bidding party or has completed the contract but refuses to sign the contract, except in the case of any irregularities. resistance;
  • The investor fails or refuses to complete the contract within 30 days from the date of receipt of the notice of winning bid from the bidding party or has completed the contract but refuses to sign the contract, except in the case of majeure.
The article on DauThau.info shared the regulations on bid guarantees, bid guarantee values ​​and cases of confiscation of bid guarantees. In case you need support in providing software solutions related to the field of bidding or advice related to bidding situations, please contact:
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