In public procurement, the provisional guarantee and the definitive guarantee are mandatory. But what are they and what is their purpose? Let’s analyze it together and find out how to obtain a reduction in the amount of the guarantee in public procurement thanks to company certifications bail bonds pittsburgh.
In short, Participating in public procurement involves the obligation of the guarantee.
There are two types of guarantees to be presented to the contracting authority:
Provisional guarantee : it must be delivered when the offer is presented. It can be in the form of a deposit (cash, bank transfer, cashier’s check) or surety, through a bank or insurance company;
Definitive guarantee : it must be delivered once the announcement/contract has been awarded and replaces the provisional guarantee. It can be presented in the form of a bond or surety.
How much is the guarantee in public procurement?
The provisional guarantee corresponds to 2% of the basic price indicated in the announcement.
The definitive guarantee corresponds to 10% of the contractual amount.
Do you want to save on the cost of the guarantee?
Certify your company to get a reduction on the amount of the guarantee, up to 50%.
Provisional public procurement guarantee: what it is
The code of public contracts – Legislative Decree no. 50 of 18 April 2016 – provides that bidders (companies/companies interested in the contract) deliver the provisional guarantee to the contracting station. The purpose of the provisional guarantee is to protect the contracting authority on the seriousness and reliability of the offers received. It forms part of the documentation required by the call for tenders and represents the contractor’s commitment in the event of the tender being awarded.
The public administrations’ offer in calls for tenders is always accompanied by a provisional guarantee, which corresponds to 2% of the basic price indicated in the call for tenders.
It can be in the form of a deposit (cash, bank transfer, cashier’s check) or surety bond.
The contracting station has the right to vary the percentage of the guarantee by reducing it to 1% or increasing it up to 4%; this to adjust the amount to the request and the associated risks.