Advance Payment and Advance Payment Guarantees

Procurement Law

Advance payment of up to forty per cent of contract price may be made subject to stipulated approval conditions. For National Competitive Bidding it must be supported by an unconditional advance-payment guarantee from a reputable bank or financial institution acceptable to the Tenders Board; corresponding safeguards apply to international procurement.

Reference: Lagos State Public Procurement Law 2021, s.70

Practise Questions (1)