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  2. Bid bond - Wikipedia

    en.wikipedia.org/wiki/Bid_Bond

    The bid bond prequalifies the principal and provides the necessary security to the owner (or general contractor), also known as the “obligee”. This helps prequalify contractors and protects the bid letting by guaranteeing that the principal will enter into the contract, for the amount of the bid, if it is awarded.

  3. Pledge (law) - Wikipedia

    en.wikipedia.org/wiki/Pledge_(law)

    [1] [2] The term is also used to denote the property which constitutes the security. [3] The pledge is a type of security interest . [ 4 ] [ 5 ] Pledge is the pignus of Roman law , from which most of the modern European-based law on the subject is derived, but is generally a feature of even the most basic legal systems. [ 3 ]

  4. Invitation to tender - Wikipedia

    en.wikipedia.org/wiki/Invitation_to_tender

    A tender announcement from the Indonesian Ministry of Finance. An invitation to tender (ITT, also known as a call for bids [1] or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have been ...

  5. Tender - Wikipedia

    en.wikipedia.org/wiki/Tender

    Legal tender, a form of money with a specific legal status; Invitation to tender, a structured invitation to vendors for the supply of goods or services; Procurement, a process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process

  6. Government procurement - Wikipedia

    en.wikipedia.org/wiki/Government_procurement

    EU laws apply only to tenders that exceed certain thresholds in value. These thresholds vary depending on the area the contract is for and if the procurement is done by a central government or by other public authorities (e.g. municipal government). National laws are applied for tenders below these threshold values. [92]

  7. Performance bond - Wikipedia

    en.wikipedia.org/wiki/Performance_bond

    A job requiring a payment and performance bond will usually require a bid bond, submitted when bidding for the job. [2] When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion.

  8. Construction bidding - Wikipedia

    en.wikipedia.org/wiki/Construction_bidding

    The tender is treated as an offer to do the work for a certain amount of money (firm price), or a certain amount of profit (cost reimbursement or cost plus). The tender, which is submitted by the competing firms, is generally based on a bill of quantities , a bill of approximate quantities or other specifications which enable the tenders to ...

  9. Earnest payment - Wikipedia

    en.wikipedia.org/wiki/Earnest_payment

    An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction.