How Are Tenderers Invited to Contract to Provide the Performance Bond?

19 September 2024

As is known, the performance bond is the security taken in order to ensure that the contract signed by the contractor is performed in accordance with the tender documents. In works tendered on the basis that a price difference will be paid, it is also the additional security taken at a rate of 6% of the amount to be paid as a price difference, where an increase occurs in the contract price.