- Guarantees Recovery
Guarantees recovery is the procedure through which financial amounts or bank documents deposited as guarantees by contractors or suppliers are returned after successfully fulfilling contractual obligations. These guarantees include the initial guarantee, final guarantee, and performance guarantee.
Types of Recoverable Guarantees
- Initial Guarantee: Returned to non-winning participants after the evaluation phase ends.
- Final Guarantee: Returned to the contractor after the project is successfully completed and delivered.
- Performance Guarantee: Returned after the warranty period specified in the contract ends.
Importance of Guarantees Recovery
- Enhancing Trust: Demonstrates the commitment of the announcing entity towards the contractors.
- Encouraging Participation: Encourages companies to submit proposals without the fear of losing their money.
- Ensuring Fulfillment of Obligations: Motivates contractors to complete projects with the required quality.
Procedures for Guarantees Recovery
- Submitting a Formal Request: The contractor submits a request to recover the guarantee to the announcing entity.
- Compliance Review: Verifying that all contractual conditions have been fulfilled.
- Issuing Approval: The announcing entity issues approval for the guarantee recovery.
- Returning the Amount or Document: The financial guarantee or bank guarantee letter is refunded.
Challenges Associated with Guarantees Recovery
- Delays in Procedures: It may take longer than expected to complete the recovery process.
- Contractual Disputes: Disputes between the announcing entity and the contractor may hinder the recovery of the guarantee.
- Complex Procedures: The process may require additional documents or lengthy reviews.
Its Role in Tenders
- Encourages contractors to commit to quality and schedules.
- Demonstrates the credibility of the announcing entity and enhances its transparency.
- Contributes to achieving a balance between the rights of the parties and ensuring full compliance with the contract.
Guarantees recovery represents the final stage of the tenders process, confirming the commitment of parties to implement projects according to specified standards and conditions.
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Related Links
- ◾ Bidding in Government Projects
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