Prepaid Guarantee Deposit and Prepayment Required for Beijing Projects Bid Invitation

In order to standardize the construction bid invitation market and activities, Beijing Municipal Construction Commission prescribed that the system of prepaying guarantee deposit and the prepayment system will be implemented this year. Namely, the construction unit must have a special project account before starting work. The bid inviter must deposit the amount less than 30% of the total contract price in the account which can pay the delayed money.