Bid Bond Guarantee Letter Format

According to Clause 1, Article 4 of the 2013 Law on Procurement stipulates:

Bid security is the act of a contractor or investor implementing one of the measures of depositing, escrowing, or submitting a letter of guarantee from a credit institution or a branch of a foreign bank established in accordance with Vietnamese law to ensure the contractor's or investor's bidding responsibility within a specified time frame as required by the bidding documents or request documents.

Thus, the form of the guarantee letter is understood as the guarantee of a credit institution or a branch of a foreign bank established under Vietnamese law by means of a guarantee letter.

Moreover, in Clause 2, Article 18 of Decree 63/2014/ND-CP, it is stipulated that a valid bid document must meet the following conditions:

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- Having bid security with the value and validity period meeting the requirements of the bidding documents. In the case where bid security is required in the form of submitting a letter of guarantee, the letter of guarantee must be signed by the legal representative of the credit institution or the branch of a foreign bank established under Vietnamese law with the value and validity period, and the beneficiary unit as required by the bidding documents;

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Thus, in your bid documents, there must be a guarantee letter from a credit institution or a branch of a foreign bank established under Vietnamese law, signed by the legal representative of these organizations with the value and validity period, and the beneficiary unit as required by the bidding documents.

Sincerely!