TENDER SECURITY/ BID BONDS
The Fund has initiated the tender security/bid bond product to aid women in Kenya in achieving requirements of the tendering process. This is a product that is available to individual women who may own enterprises or women owned companies. The bid bonds will be issued at WEF head office i.e. Social Security House 12th Floor Eastern Wing Block A. The bid bonds are currently being offered to women within Nairobi county and its outskirts.
The application process is as below:
- Filling of bid bond application form
- Payment of the commission (original bank slip required)
- Borrower to sign indemnity terms and conditions (as will be in the application form)
- Issuance of bid/tender security The terms and conditions for the bid bonds is as shown below
Minimum amount Kshs.50,000
Maximum amount Kshs.2,000,000
Discount margin (Loan to value) N/A
Validity/Maximum tenor As will be specified in the tender
Interest rate N/A
Commitment/Processing fee Commission of 1% of the guarantee amount subject to a minimum of Kshs. 1,000
Credit Reference Bureau Clean Report
This provision targets the following public procuring entities as defined in the public procurement and disposal act: Government ministries, SAGAs, public schools, county governments, the judiciary, national assembly and public hospitals.
The commission for the bid bond can be paid through KCB collection account no. 1111394423 and MPESA using pay bill 830800 Account Number : 340000301