SOCIETATEA ASIGURARE-REASIGURARE ASTRA S.A.
Bid bond insurance
The insured - the economic agent (contractor, provider, equipment supplier) holding the position of Tenderer which binds him to meet the duties derived from the call for proposals.
The beneficiary of the insurance is the Contracting authority mentioned in the award documentation, with which the Insured will conclude a public procurement contract.
The insurance covers the risk derived from the failure to carry out or the improper carrying out of the duties undertaken by the call for tenders, falling with the Insured, in its relation with the Beneficiary, respectively the damages caused to the Beneficiary due to the Insured’s fault, which it can no longer cover on the date of requesting the payment of the compensation sent by the Beneficiary, on the occurrence of the insured events, which it cannot cover on the date of the request for payment sent by the beneficiaries.
