5. Guarantees required of contract holders
In accordance with international trade practices, particularly in the field of construction contracts, contractors wishing to export their services are required to provide their customers with guarantees or "bonds" to ensure that the work is carried out properly and that the project is completed.
The projected duration and size of works contracts increases the risks for the foreign buyer, who fears that the exporter will contest his responsibility in the event of poor or non-execution of contractual obligations, and who therefore seeks to protect himself against a refusal to carry out work, or to repair a construction defect, for example.
The main guarantees required of contract holders are bid bonds and performance bonds, both of which can be qualified...
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Guarantees required of contract holders
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Regulations
Directives Passation des Marchés Financés par les Prêts de la BIRD et les Crédits de l'AID, World Bank, January 2011 (World Bank website).
Procurement policy and rules for projects financed by the European Bank for Reconstruction and Development, revised May 2010 (EBRD website).
Cotonou Agreement of June 23, 2000 (Official Journal of the European Communities No. L 317 of 15.12.2000)....
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