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The application of bank guarantee as tool for participation in public procurement procedures

The application of bank guarantee as tool for participation in public procurement procedures

Journal of Economic Regulation, , Vol. 5 (no. 3),
p. 116-123

The economic and legal characteristic of provision connecting with using bank guarantees by public and municipal procurement is represented in the paper. The paper contains a list of regulatory acts governing the institution of Bank guarantees in the framework of contract system. The technology of pledging guarantees, basics of interaction of bank and supplier, the example of the interaction scheme of the bank departments are shown. The paper contains the list of documents necessary for the vendor to obtain guarantee. The authors have made the conclusion about the future prospects using this method of security for suppliers’ obligations.

Keywords: procurement; financing; bank guarantee; tender security; security for the performance of the contract

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Publisher: Ltd. "Humanitarian perspectives"
Founder: Southern Federal University
ISSN: 2078-5429