Government Tenders and Procurement Law

1. In sealed-bid auctions, a bidder shall submit, along with the proposal, an initial guarantee amounting to 2% of the proposal value. 2. The awarded bidder shall, within 15 working days from the awarding date, raise the guarantee to 5% of the proposal value. If the bidder fails to do so, the initial guarantee shall not be returned. Such guarantee shall not be released until the value of purchased movables and transportation costs are paid in full. The guarantees shall be returned to unsuccessful bidders. 3. In public auctions, the awarded bidder shall submit a guarantee amounting to 5% of its value. A cashier's check or cash may be accepted as a guarantee in such auctions.