Regulations for Bid Bond, Guarantee Bond and Other Guarantees Article 17

Where a tenderer deposits a performance bond in the form of an irrevocable standby letter of credit issued or confirmed by a bank, bank’s written joint and several guarantee or insurer’s insurance policy of joint and several guarantee, unless otherwise prescribed by the tender documentation, the validity period of such instruments shall be 90 days longer than the time-limit for final construction, supply or installation prescribed in the contract.Where a supplier fails to perform the contract within the time-limit prescribed in the contract, or that inspection and acceptance may not be accomplished within the validity period referred to in the preceding paragraph due to causes attributable to the supplier, the validity period of performance bond shall be extended according to the duration of such delay.