Description
FINEA provides a range of solutions specifically designed for companies bidding for public contracts. They take the form of administrative bonds, covering the financial guarantees required by the clients to bid for a public contract.
Organization
FINEA
Detail
Provisional security:
The provisional guarantee is a deposit to ensure the commitment of the bidder not to reconsider his decision in case of contract award. The guarantee amounts to 1.5% of the total amount of the contract allowing the SME to apply for the bid.
Final security :
The amount of this bond is generally 3% of the initial amount of the contract. It represents a guarantee for the administration regarding the compliance with the VSME’s obligations in respect of the contract, mainly the compliance with the specifications. This guarantee remains valid until the final acceptance of the contract by the principal and the achievement of the contract.
Retention of guarantee bond :
This guarantee allows the substitution of the retention of guarantee that the administration carries out, to protect itself from any failure of execution of the obligations of the successful tenderer of the contract. It amounts to 7% of the contract amount.
Deposit for the return of advances and down payments:
It is issued in order to guarantee to the client the reimbursement of the advances or the down payments that he grants to the successful tenderer of the contract, in order to facilitate the financing of the works subject to the contract concluded with him. This guarantee amounts to about 10% of the contract amount.
Eligibility
VSME winners of public contracts
