Unification of tender guarantees to reduce the number of controversial situations during public procurement organizing
"The use of a unified form of tender guarantees, launched by the order "On approval of the form and requirements for securing tender offers/suggestions " by Ministry of Economic Development, Trade and Agriculture of Ukraine, should reduce the number of controversial situations during public tenders," Yuriy Morozov, head of the documentary operations department of OTP Bank, commented.
According to the order, Ukrainian banks are obliged to unify the texts of tender guarantees in complying with the standard requirements. "Their use will help to simplify the interaction of banks, their clients and organizers of public auctions, as well as reduce the number of controversial situations", Morozov said.
According to Yuri Morozov, banks have been promoting the idea of bringing the tender guarantee to a standard, uniform form for all the market players for a long. "The discrepancy in the tender guarantees' texts could lead to disputable situations, even including the disqualification of the bidder. That, accordingly, created serious inconveniences and led to the dissatisfaction of bank customers, " the expert added.
More information about the guarantees by OTP Bank can be found following the link.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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