A buyer may sometimes require a tender bond when a supplier is tendering for large projects. The tenderers are required to submit a tender or bid bond as surety that, should their bid be accepted, they will honour the commercial terms in that offer. The bond will be forfeited if the bidder wins the work but declines to complete the project.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
