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New HF group e-platform offers smEs up to Sh10m in bidding bonds
HF Group outgoing Group CEO Mr. Frank Ireri (lefts) hands over to the new Group Chief Executive Officer, Mr. Robert Kibaara (centre). The handover was witnessed by HF Group Chairman, Steve Mainda. PHOTO | DIANA NGILA | NMG
Small and medium enterprises (SMEs) participating in public tenders can now get real-time unsecured bid bonds of up to Sh10 million via a web-based platform launched by HF Group. The listed lender has said the online-based solution dubbed HF Whizz Bid Bonds will ease applications for the bid bonds, increasing SMEs’ chances of winning tenders.
A bid bond is issued by the supplier or service provider to the project owner as a guarantee that they will undertake the contract once awarded. It is part of the documentation required when one is submitting a bid. HF will guarantee the project owner or contracting authority that in the event the bidder wins the tender, they will meet the requirements.
