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Pursuant to paragraph (c) of the Ministry of Finance & National Economy decision No. 17/1486 dated 25-3-1398H, which defined the form of acceptable guarantees, the guarantee shall be payable upon the first request by the government agency, notwithstanding any objection by the bidder and without the need of a ruling from a court or an arbitration body.
Employees of Ministries and government agencies in charge of controlling guarantees are urged to interface with the tender sections therein, if any, and they must coordinate with the financial administration in this respect.
Accurate records for controlling guarantees must be kept to facilitate coordination with other concerned parties in the event of requesting guarantee extension or confiscation.
In the event a guarantee is submitted in violation of the approved form, it must be rejected in order to avoid problems with the contractor or weaken the rights of the government agency.
Ministries, government agencies and public institutions must not request guarantee forms not in compliance with the attached forms.
