TENDER SECURITY/ BID BONDS

The Fund has initiated the tender security/bid bond product to aid women in Kenya in achieving requirements of the tendering process. This is a product that is available to individual women who may own enterprises or women owned companies. The bid bonds will be issued at WEF head office i.e. Social Security House 12th Floor Eastern Wing Block A. The bid bonds are currently being offered to women within Nairobi county and its outskirts.

The application process is as below:

• Filling of bid bond application form
• Payment of the commission (original bank slip required)
• Borrower to sign indemnity terms and conditions (as will be in the application form)
• Issuance of bid/tender security The terms and conditions for the bid bonds is as shown below

Minimum amount                                  Kshs.50,000

Maximum amount                                  Kshs.2,000,000

Security                                               N/A

Discount margin (Loan to value)              N/A

Validity/Maximum tenor                          As will be specified in the tender

Interest rate                                          N/A

Commitment/Processing fee                    Commission of 1% of the guarantee amount subject to a minimum of Kshs. 1,000

Credit Reference Bureau                          Clean Report

This provision targets the following public procuring entities as defined in the public procurement and disposal act: Government ministries, SAGAs, public schools, county governments, the judiciary, national assembly and public hospitals.

The commission for the bid bond can be paid through KCB collection account no. 1111394423 and MPESA using pay bill 830800 Account Number : 340000301