Performance Guarantee In Tender documents are essential financial instruments in Pakistani public and private sector procurement processes. They are required when participating in significant tenders or bidding processes to provide security to the tender issuing authority. The guarantee assures that if the bidder wins the tender but fails to proceed with the contract or meet its obligations, the beneficiary can claim compensation from the issuing bank up to the guaranteed amount. These guarantees must comply with Pakistani banking laws, PPRA regulations, and may need to conform to Islamic banking principles depending on the issuing institution. The document typically specifies the guaranteed amount (usually 5-10% of the bid value), validity period, beneficiary details, and conditions for invocation. It serves as a risk mitigation tool for tender issuers and demonstrates the financial capability and commitment of bidders.
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1. Bank's Letter Head and Reference Number: Official letterhead of the issuing bank with guarantee reference number and date
2. Addressee Details: Complete details of the beneficiary (tender issuing authority)
3. Guarantee Title: Clear identification as a Performance Guarantee/Bank Guarantee
4. Tender Reference: Reference to the specific tender number and project details
5. Guarantee Amount: The amount of guarantee in figures and words
6. Principal Party Details: Details of the contractor/tenderer on whose behalf guarantee is issued
7. Guarantee Terms: Core terms including validity period, conditions for invocation, and bank's obligation to pay
8. Expiry and Claims Period: Clear statement of guarantee validity period and deadline for claims
9. Governing Law and Jurisdiction: Specification of Pakistani law and relevant jurisdiction
10. Bank's Undertaking: Unconditional undertaking to pay upon first demand
11. Authorized Signatures: Space for bank officials' signatures with names and designations
1. Counter Guarantee Reference: Required when the guarantee is issued based on a counter guarantee from another bank
2. Shariah Compliance Declaration: Required when the guarantee is issued by an Islamic bank or Islamic banking division
3. Extension Clause: Optional clause regarding possibility of guarantee extension
4. Assignment Restriction: Optional clause prohibiting assignment of the guarantee
5. Reduction Clause: Optional clause for progressive reduction of guarantee amount based on project milestones
1. Copy of Tender Notice: Attached as reference to specify the tender details
2. Format of Demand Notice: Prescribed format for beneficiary to make claim under the guarantee
3. List of Authorized Signatories: Details of persons authorized to make claim under the guarantee
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