Agricultural Bank of China Bid Bond Format

**[Issuing Date]**

**Beneficiary:** [Beneficiary Name], [Beneficiary Address]

**Applicant:** [Applicant Name], [Applicant Address]

**Dear Sirs/Madams,**

This Bid Bond (the "Bond") is issued by [Issuing Branch Name], Agricultural Bank of China (the "Bank") at the request of [Applicant Name] (the "Applicant"), in favor of [Beneficiary Name] (the "Beneficiary"), in connection with the [Project Name] (the "Project") for which the Applicant has submitted its bid to the Beneficiary on [Bid Submission Date], pursuant to the Bidding Documents for the Project (the "Bidding Documents").

**WHEREAS:**

(A) The Applicant desires to participate in the bidding for the Project and is required by the Beneficiary to provide a bid bond in accordance with the Bidding Documents;

(B) The Applicant has requested that the Bank issue this Bond to the Beneficiary on its behalf.

**NOW, THEREFORE, in consideration of the foregoing premises and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank, as primary obligor, hereby irrevocably and unconditionally undertakes and agrees as follows:**

**1. Bond Amount and Currency:**

The Bank's maximum liability under this Bond shall be limited to an amount not exceeding [Amount in Figures] ([Amount in Words]) in the currency of [Currency] (the "Bond Amount").

**2. Beneficiary's Entitlement:**

(A) The Bank shall, upon the first written demand of the Beneficiary, immediately and without the need for any further proof, pay to the Beneficiary any amount or amounts up to the Bond Amount, upon the occurrence of any of the following events:

(i) The Applicant withdraws its bid during the bid validity period specified in the Bidding Documents;

(ii) The Applicant refuses to accept the award of the contract by the Beneficiary in accordance with the Bidding Documents;

(iii) The Applicant fails to furnish the performance security or sign the contract agreement within the time limit specified in the Bidding Documents.

(B) The Beneficiary shall provide to the Bank, together with its first written demand for payment under this Bond, a written statement stating that:

(i) One or more of the events described in Clause 2(A) has occurred; and

(ii) The amount demanded is payable by the Bank under the terms of this Bond.

**3. Bank's Rights and Defenses:**

The Bank shall be entitled to all rights and defenses available to the Applicant under the Bidding Documents.

**4. Governing Law and Dispute Resolution:**

This Bond shall be governed by and construed in accordance with the laws of the People's Republic of China. Any disputes arising out of or in connection with this Bond shall be settled amicably through consultation between the parties. If the dispute cannot be settled amicably within [Number] days after the commencement of such consultation, either party may submit the dispute to the [Name of Arbitration Institution] for arbitration in accordance with its then-current arbitration rules. The arbitration award shall be final and binding upon both parties.

**5. Counterparts:**

This Bond may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**6. Language:**

This Bond has been executed in the [Language] language.

**7. Effective Date and Expiry Date:**

This Bond shall become effective on the date first written above and shall remain in full force and effect until the earlier of:

(A) The date on which the Beneficiary notifies the Bank that the Applicant has complied with all its obligations under the Bidding Documents; or

(B) [Expiry Date].

**IN WITNESS WHEREOF,** the Bank has caused this Bond to be duly executed by its authorized representatives on the date first written above.

**[Issuing Branch Name], Agricultural Bank of China**

**[Authorized Representative Signature]** **[Authorized Representative Signature]**

**[Name and Title]** **[Name and Title]**

**[Seal]** **[Seal]**