Financial Guarantees
Insure your obligations and gain a competitive advantage in tenders.
Fast Service
Easy Process
What People Ask
What is a Financial Guarantees policy?
When participating in tenders, a company undertakes various types of obligations. Insurance for the fulfillment of these obligations is often mandatory to participate in tenders and serves as a guarantee of stable business development.
What is required to participate in a tender?
To participate in a tender, you must use a bid bond (pre-tender guarantee). When submitting the application, you provide your bank card details, and the required guarantee amount is temporarily blocked on your account until a contract for the tender is signed.”
How long does it take to issue the guarantee, and what are the procedures?
he guarantee is issued within 1 business day. The process is fully remote, and there is no need to visit the office — both parties sign the agreements electronically. If an original (hard copy) guarantee is required, it can be issued at our office.
Is collateral required?
If the total amount of your bid bonds does not exceed GEL 20,000, you are exempt from both document submission and collateral requirements.
For guarantees in the range of GEL 20,000–30,000, your company’s turnover for the past year must exceed GEL 200,000.
For guarantees exceeding GEL 30,000, collateral is mandatory.
What documents are required to issue a bid bond (pre-tender guarantee)?
Extract from the Public Registry
Copy of the Director’s ID
Tender number
What is a Performance Guarantee and how to obtain it?
A performance guarantee ensures that the obligations under a contract are fulfilled on time and according to pre-agreed terms.
An electronic guarantee can be obtained easily, without leaving your home. If needed, a physical guarantee can also be issued — printed on a blank form, stamped, and signed.
What can be used as collateral for the guarantee?
Collateral can be provided with immovable and movable property or by freezing funds. Property must be appraised and secured through a notarized pledge.
