National Development and Reform Commission and Other Departments, Circular on Improving the System for the Provision of Security for Transactions Involving the Invitation and Submission of Bids to Lower the Transaction Costs for Invitation and Submission of Bids

国家发展和改革委员会等部门关于完善招标投标交易担保制度进一步降低招标投标交易成本的通知

April 11, 2023 | BY

Susan Mok

NDRC eases costs for project bidding

Issued: January 6, 2023

Main contents: Bid inviting parties are encouraged to accept letters of guarantee from security providers, policies from insurance institutions and other non-cash transaction means of providing security to pay bid deposits, performance bonds and project quality deposits (Article 2).

The reduction or waiver of bid deposits for government investment projects is encouraged (Article 5).

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