Legal basis of property performance bond

Contract performance bond refers to a large-scale bidding project, project bidding, government procurement project or auction. In order to prevent all kinds of uncertainties and risks, it is a procedure to check whether the winning bidder has the strength to complete this procurement project. It is a special measure to urge the winning bidder to perform the contract and has the function of controlling the effective execution of the contract and preventing risks. According to the second paragraph of Article 46 of the Bidding Law, if the tender documents require the winning bidder to submit the performance bond, the winning bidder shall submit it. The performance bond system is a legal system set up by the Bidding Law to ensure the project quality and time limit for a project. The purchaser can really use this system in the bidding documents to ensure the project quality and time limit for a project. Article 4.2 of the general contract terms in the standard construction bidding documents stipulates that the contractor shall ensure that its performance guarantee is valid until the employer issues the project acceptance certificate (i.e. the completion certificate). The Employer shall return the performance guarantee to the Contractor within 28 days after the project acceptance certificate is issued.

Legal objectivity:

Article 43 of the Bidding Law of People's Republic of China (PRC) * * * Before determining the winning bidder, the tenderee shall not negotiate with the bidder on the bid price, bid scheme and other substantive contents. Article 45 of the Bidding Law of People's Republic of China (PRC) * * * After the winning bidder is determined, the tenderer shall issue a letter of acceptance to the winning bidder and notify all bidders who have not won the bid at the same time. The bid-winning notice has legal effect on the tenderer and the winning bidder. After the bid-winning notice is issued, if the tenderer changes the bid-winning result or the winning bidder abandons the bid-winning project, it shall bear legal responsibility according to law. Article 46 of the Bidding Law of People's Republic of China (PRC), the tenderer and the winning bidder shall conclude a written contract in accordance with the bidding documents and the bidding documents of the winning bidder within 30 days from the date of issuance of the bid-winning notice. The tenderer and the winning bidder shall not conclude other agreements that deviate from the substantive contents of the contract. If the tender documents require the winning bidder to submit the performance bond, the winning bidder shall submit it.