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Bid Surety Bonds are fast gaining traction as alternatives to costly Cash Deposits and Bank Guarantees that have been traditionally used for Bid Security in the NHAI Tenders. NHAI and Ministry of Road Transport & Highways (MORTH) have been strong advocates of including Insurance Surety Bonds in their tenders. Following the strong directives of Hon. Minister of Road Transport and Highways, Shri. Nitin Gadkari ji, NHAI has now released formats for Bid Surety Bonds and included acceptance of Bid Surety Bonds in all their tenders. One of the first such tenders is NHAI Tender 7/NHAI/RO-BNG/14016/Tender/2023-24 which accepts Bid Surety Bonds.
Tender Work: Six Laning and Strengthening of km 340+000 to km 403+400 of Hubli-Haveri section of NH-48 (Old NH-4) in the State of Karnataka to executed on EPC (Standard) mode -(Construction of LVUP at Kursapur (Km.361+900), Service road at Varur (Km.391+760) and Structure of VOP at Chabbi (Km.392+600)) on EPC mode.
Estimated cost: INR 24.84 crores
Officer In-charge: Regional Office NHAI, Bengaluru Mr. Vivek Jaiswal Regional Officer, National Highways Authority of India Regional Office, Bengaluru-Tumakuru Road (NH-4), M. S. Ramaiah Enclave, Beside Nagasandra Metro Station, Bengaluru – 560073
The tender clearly mentions acceptance of Insurance Surety Bonds
Bid security shall be submitted in the form of Insurance Surety Bond, Account Payee Demand Draft, Banker’s Cheque or Bank Guarantee (including Electronic Bank Guarantee).
Tender ID 7/NHAI/RO-BNG/14016/Tender/2023-24 Part 1.2.4
The above format has been specified by the NHAI for Surety Bonds for Bid Security and Performance Security.
Surety Seven serving all contractor with Bid Bonds for NHAI Tender
Surety Seven team takes pride in being the only Surety technology company in India that is enabling surety bond issuance through it’s technology. Our expertise in Surety Bonds has allowed us to be one of the only providers of technology for Bid Bonds for NHAI Tenders. We are additionally providing Bid Bonds technology for:
Council of Scientific and Industrial Research (CSIR)
Engineering Projects (India) Limited (EPI)
GAIL (India) Limited
GAIL Gas Limited
Hindustan Lifecare Limited (HLL)
Indian Rare Earths Limited (IREL)
Munitions India Limited (MIL)
National Highways Authority of India (NHAI)
Rail India Technical and Economic Service (RITES)
Water and Power Consultancy Services (India) Limited (WAPCOS)
We welcome all contractors for this NHAI Tender 7/NHAI/ROBNG/14016/Tender/2023-24 to reach out to us on +919911557724 or drop us a mail on sales@suretyseven.com for their Bid Surety Bond Requirements. Getting a Bid Security will become substantially easier and streamlined with Surety Bonds from Surety Seven.
