Surety Bond for the Final Guarantee
This bond ensures the proper execution of the works by the winning bidder of the public procurement tender. The winning bidder must present this bond to guarantee all obligations assumed by signing the contract.
The amount of the bond is established at 10% of the works' amount, net of any auction discount. In the case of an award with an auction discount exceeding 10%, the guarantee is increased by as many percentage points as the discount exceeds 10%. If the discount is greater than 20%, the guarantee is increased by two percentage points for each percentage point of discount exceeding 20%.
The amounts guaranteed in the policy are progressively released through a progress report or a similar document. The release is automatic, without the need for approval from the contracting authority, with the sole condition of the prior submission to the Insurance Company of progress reports or similar documents, in original or authenticated copy, attesting to the achievement of the percentages of work completed.
The policy will be effective until the date of issuance of the provisional acceptance certificate or the regular execution certificate and, in any case, for a period of twelve months from the date of the completion certificate of the works.