Different Government, Semi Government and Autonomous Bodies, Corporations, Multinational Companies and other Corporate Bodies usually invite tenders for different types of construction and other civil works and supply of equipments/material as per specification. Work Order Finance enables Contractor/suppliers to get financial accommodation in the form of Bid Bond, Earnest Money, Performance Bond, Advance Payment Guarantee and Loan/Overdraft facility to execute the work orders.

• Earnest Money
  To support the eligible contractor for participation in Tender, Bank Asia Limited allows temporary overdraft facility for purchase of SDRs/POs/DDs as earnest money in the name of SOD (Earnest Money). SOD (EM) to be adjusted by depositing of the returned SDRs/POs/DDs against unsuccessful bids, while from own source of the customer for successful bid.

• Bid Bond/ Bid Security/ Tender Security
  This facility is available at the Bank for customers in the form of gurantees, basically contractors, who are going to participate in tender or bid for contracts.

• Performance Bond/ Performance Security/ Performance Guarantee
  The successful bidder is normally required by the contract awarding agency to submit a legal document guaranteeing completion of contract award formalities and preparedness to accomplish the contract. In the event of failure of the contractor to perform, the awarding agency can revoke the guarantee from the issuer.

• Advance Mobilization Guarantee/ Advance Payment Guarantee
  This facility enables successful Bidder to access Advance Mobilization from the contract awarding agency towards the execution of the contract. In the event of failure of the contractor to perform, the awarding agency can revoke the guarantee from the issuer.