By whom can a provisional bond be issued?
The provisional guarantee, in fact, guarantees the reliability of an offer in a tender , the seriousness of the offer presented and the commitment to present the definitive deposit in case of award.
Today all companies that want to participate in a public tender must present a provisional guarantee equal to 2% of the amount of the tender and in case of victory they must present a definitive guarantee equal to 10% of the amount of the works or the supply.
For companies with ISO quality certifications, the amount of the guarantee is reduced by 50%, which translates into considerable economic savings in the stipulation of provisional and definitive surety policies as well as greater ease in obtaining the guarantees themselves mercer county bail bonds.
The objectives of the provisional security are:
Ensure the commitment made by the company awarded the tender to sign the relevant contract;
Ensure that the company possesses the requirements set forth in the call for tenders to the Public Body, both at a technical-organisational and economic-financial level, as established by art. 48 of the Public Procurement Code
Financial intermediaries registered in the special list pursuant to art. 107 of the legislative decree of 1st September 1993 n. 385, authorized by the Ministry of Economy and Finance.
The definitive surety for good execution is instead the mandatory deposit that the company awarding a tender must sign upon winning the tender, to guarantee the correct fulfillment of all the services requested and the obligations set forth in the tender contract.
In a nutshell, the bail or definitive guarantee guarantees the correct execution of the contractual obligations.
There are also other forms of guarantees in the context of public procurement: for example, the contractual advance guarantee allows contractors to receive in advance a percentage of the consideration for the service covered by the procurement contract.
The goal is to benefit entrepreneurial action: by providing liquidity to the contractor, the initial stages of the performance are facilitated. Finally, the balance installment guarantees any restoration work due to faults and/or defects of the work during the contractual guarantee period which did not appear during the provisional testing.