KudoZ home » Spanish to English » Bus/Financial

Fianza Bancaria de Seriedad de Propuesta

English translation: Bid Bond

Advertisement

Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs
(or are passionate about them). Participation is free and the site has a strict confidentiality policy.
GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Fianza Bancaria de Seriedad de Propuesta
English translation:Bid Bond
Entered by: llollypop
Options:
- Contribute to this entry
- Include in personal glossary

00:35 May 19, 2002
Spanish to English translations [PRO]
Bus/Financial / power cables landing
Spanish term or phrase: Fianza Bancaria de Seriedad de Propuesta
Banking terms in Peru
Gina
bid bond
Explanation:
Usual term in tender documents, usually followed by or converted into performance bond on adjudication.
Selected response from:

Guiri
Spain
Local time: 11:17
Grading comment
Thank you very much. Yes indeed this is the term used. I just could not remember it, but recognized immediately upon your help.
4 KudoZ points were awarded for this answer

Advertisement


Summary of answers provided
5 +3bid bondGuiri
4 +4bank guarantee on accepted tender
Maria Luisa Duarte
4Formal offer/proposal bank guaranty orSery


  

Answers


37 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Formal offer/proposal bank guaranty or


Explanation:
Formal tender (si se trata de obras públicas) bank guaranty

Dic. Larousse Grolier, García-Pelayo y Gross
Dic. Terminológico E.L. Franquesa y E.L. Riera

Saludos, Sery

Sery
Local time: 04:17
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 1136

Peer comments on this answer (and responses from the answerer)
neutral  Karina Pelech: warranty or guarantee, Sery? ... :o)
35 mins
  -> Mine is guaranty, I don't know yours. Thank you.
Login to enter a peer comment (or grade)

38 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +4
bank guarantee on accepted tender


Explanation:
+

--------------------------------------------------
Note added at 2002-05-19 01:23:31 (GMT)
--------------------------------------------------

The acceptance of this tender includes the acceptance of the following terms ... writing by us. Unless previously withdrawn our tender is open for acceptance within the period.

BANK GUARANTEES
for officially supported exports


--------------------------------------------------------------------------------


Bank guarantees are used to secure an obligor\'s payment to the creditor. They are written promises by the bank to satisfy the creditor in accordance with the terms of the guarantee in the event that the obligor fails to honor the specified obligations.



A direct bank guarantee by the export bank (i.e., one not guaranteed by another financial institution) is issued on the request of a principal for a guarantee from the export bank. The guarantee is a written promise made by the export bank in the letter of guarantee to satisfy the beneficiary on first request, without any need for court intervention, without protest and with recourse to the principal up to the sum specified if the principal fails to meet the specified obligation.



An indirect bank guarantee is issued where the beneficiary - a foreign importer, often a state organization - is located in a country whose statutes permit only a guarantee from a bank licensed locally. Upon written request by the exporter, the export bank applies for a guarantee from the foreign bank, provides the details for the guarantee to the beneficiary\'s bank, and secures it with its own counter-guarantee.

The CEB provides primarily non-payment guarantees, such as:

Bid Bonds
a guarantee that insures the obligation of a winning bidder to enter into a contract
The bidder, under the terms of the tender, deposits a bond - in the form of a bank guarantee to the benefit of the tender organizer - which provides for compensation to the organizer should the winning bidder fail to sign a contract or fail to honor the bid conditions when entering into the contract.

Performance Bond
insures the obligation of the bidder to duly perform the contact
With a performance bond, the bank can provide a guarantee during the term of the delivery or it can additionally cover the period of technical warranty of the goods supplied. It may be used to insure the supplier\'s compliance with the contract terms or simply to guarantee compliance with specific technical standards set out in the contract. Performance from this type of guarantee involves reimbursement to the importer of an agreed portion of the purchase price.

Advance Payment Guarantee
insures the obligation of the seller to return the advance payment in case of failure to supply the goods on time or in their entirety
The bank agrees to return all or part of an advance payment made to the exporter by the importer (a deposit of part of the purchase price provided prior to the signing of a contract) in the event that the exporter fails to honor the contract terms in their entirety or in part and the exporter does not itself return the advance. CEB agrees to return the deposit to the importer along with interest imputed for the period from the date of the advance to the date of return, if applicable. The guarantee agreement may contain a clause that reduces the advance proportionately as the contract is perfo


Maria Luisa Duarte
Spain
Local time: 11:17
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in pair: 3168

Peer comments on this answer (and responses from the answerer)
agree  Adam Deutsch: i would say that "bid bond" is the term that applies here
1 hr

agree  Yvette Arcelay
4 hrs

agree  xxxx-Translator
13 hrs

agree  Stuart Allsop: Four years later, I found the explanation that you posted very useful. Thank you!
1536 days
Login to enter a peer comment (or grade)

8 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +3
bid bond


Explanation:
Usual term in tender documents, usually followed by or converted into performance bond on adjudication.

Guiri
Spain
Local time: 11:17
PRO pts in pair: 186
Grading comment
Thank you very much. Yes indeed this is the term used. I just could not remember it, but recognized immediately upon your help.

Peer comments on this answer (and responses from the answerer)
agree  xxxx-Translator
5 hrs

agree  LoreAC
2 days11 hrs

agree  Daltry Gárate
3570 days
Login to enter a peer comment (or grade)




Return to KudoZ list


KudoZ™ translation help
The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.



See also:



Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search