Regulations for Bid Bond, Guarantee Bond and Other Guarantees Article 33-2

Where an entity permits a guarantee bond to be substituted by a joint and several guarantee or reduced in amount, in accordance with the provisions of the two preceding Articles, the provisions regarding performance bond and warranty bond shall apply mutatis mutandis to the time-limit to submit documents required for the joint-and-several guarantee supplier; the entity shall also prescribe in the tender documentation that the joint liability of the supplier shall not be released progressively with the release of the guarantee bond in parts.Where circumstances exist for not releasing guarantee bond, the winning tenderer and the joint-and-several guarantee supplier shall make a supplemental payment to the entity the amount of the guarantee bond not being released that equals the amount that had previously been substituted by joint guarantee or reduced. However, if the circumstances allow for the contract to be carried out by the joint-and-several guarantee supplier and renders no need for the supplemental payment, the entity shall first notify such supplier as regards performing the contract.