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Special Bank Guarrantee

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Special Bank Guarrantee

Post by Renz_givs on Fri Aug 03, 2012 4:02 pm

Dear Experts,

One of our suppliers furnished us a Certification from the bank that they have a credit line with the said bank and set aside the amount equivalent to the 10% retention money as warranty. Can this certification be used in lieu of the Special Bank Guarantee which is stated in GCC Clause 17.3 of the contract?

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Re: Special Bank Guarrantee

Post by regina avelino on Fri Aug 03, 2012 4:55 pm

The bidding documents provides 10% bank guarantee and not credit line certificate from the bank.

"The obligation for the warranty shall be covered by, at the Supplier’s option, either retention money in an amount equivalent to at least ten percent (10%) of the final payment, or a special bank guarantee equivalent to at least ten percent (10%) of the Contract Price or other such amount if so specified in the SCC"

I don't think you should accept it. Require what is in the GCC.

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Re: Special Bank Guarrantee

Post by itec on Wed Sep 05, 2012 9:27 pm

Regarding the same instrument for warranty security, may I ask what must be its minimum validity if the item supplied has a 2 years warranty coverage? Our experience with PSDBM about 2 years ago is 1 year validity even if the actual warranty coverage is longer than 1 year and I don't know if it is still the same now.

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Re: Special Bank Guarrantee

Post by elib on Wed Sep 05, 2012 9:55 pm

itec,

as per irr, it depends on the kind of supplies;for

1. expendaable suplies min of 3 months
2. non-expendable supplies min of 1 year
unless otherwise stated in the contract docs.

the longer the supplier's warranty against what's required, the better......


cheers....
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Re: Special Bank Guarrantee

Post by RDV @ GP3i on Thu Sep 06, 2012 6:45 am

itec wrote:Regarding the same instrument for warranty security, may I ask what must be its minimum validity if the item supplied has a 2 years warranty coverage? Our experience with PSDBM about 2 years ago is 1 year validity even if the actual warranty coverage is longer than 1 year and I don't know if it is still the same now.

It is still the same. If the supplier's warranty, for example, is 3 years but if the item supplied is an unexpendable item with a warranty period of only one (1) per the IRR, the warranty security period should also be only be one (1) year.

You do not penalize the supplier by withholding his warranty security for 2 more years. You should return his warranty security already after the lapse of the 1 year period but you can still hold the supplier accountable within the 3 years of his warranty on the said item.
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