Guarantees provided for in the contract
1. Where a guarantee is required by the contracting authority in the contract, the requirements for the guarantee shall be included in the procurement documents. For the purposes of the guarantees aimed at the confirmation of the contract stipulated by Chapter XXVI of Book Six of the Civil Code, the stipulations laid down in paragraphs 2-8 shall not apply.
2. The amount of the guarantee for non-performance of the contract may not exceed five per cent of the amount of the consideration provided for in the contract, exclusive of the reserve fund and net of value added tax.
3. The amount of the guarantee for lack of conformity may not exceed five per cent of the amount of the consideration provided for in the contract, exclusive of the reserve fund and net of value added tax.
4. The amount of the guarantee specified in paragraphs 2-3 shall be reduced in proportion to the satisfaction of the contracting authority’s claim, no obligation may be imposed on the party entering into the contract as tenderer to maintain continuously a fixed level of guarantee. The guarantees shall be made available under the conditions laid down in the contract, however, it may not be stipulated that the guarantee for non-performance shall be made available prior to the date of the entering into force of the contract or the guarantee for lack of conformity shall be made available prior to the date of performance of the contract. In the case of any other type of guarantee, the availability may only be required as from the date at which the event concerned by the guarantee may occur, and it may not be earlier than the date of the conclusion of the contract.
5. The tenderer shall only declare in the tender that the guarantee specified in paragraph 4 will be provided within the time limit set, no other certificate, declaration concerning the guarantees may be required in the procurement procedure.
6. Where a guarantee to be made available is stipulated, the contracting authority, in the procurement documents, shall
a) specify that, subject to the choice of the party entering into the contract as tenderer, the guarantees may be provided as a collateral security, by having the prescribed sum deposited, transferred into the payment account of the party entering into the contract as contracting authority, by the provision of a guarantee or a suretyundertaken by a financial institution or an insurance company or by furnishing a promissory note issued pursuant to an insurance contract and containing surety or,
b) indicate one or more forms of guarantee or way of offering a guarantee not mentioned in point (a) and stipulate that the guarantee may be provided according to any of the forms or the ways indicated, by the contracting authority or specified in point (a), subject to the choice of the party entering into the contract as tenderer.
7. As regards the guarantee for lack of conformity, the contracting authority may allow in the contract to assure the guarantee or a set part thereof by withholding it from the amount of consideration due to the tenderer for the performance or partial performance; in such cases the rules pertaining to collateral security shall apply mutatis mutandis.
8. The party entering into the contract as the successful tenderer shall have the right to change one of the forms of guarantee defined in Article (6) and (7) into another form of guarantee defined therein, however, the guarantee shall be accessible continuously according to the amount and time limit set out in the contract.