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Bid Bond is issued to bid goods receiving company for guarrantee of goods delivery, and confirmation of prices for the particular project.

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Q: When do you purchase bid bond?
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What is Uses of Flanges in Petrochemical Industries?

A flange is a mechanism by which tubing, valves, pumps, and other machinery are linked to create a piping structure. It also makes washing, review or alteration easy to access. Typically, the flanges are welded or screwed. Flanged joints are designed to provide a bond by bolting two flanges together with a gasket between them. Pipe flanges are constructed of all kinds of materials, such as stainless steel, cast iron, copper, silver, bronze, rubber, etc., but the most commonly used type is carbon steel manufactured and machined surfaces. During the choosing of the pipe, the design of a flange is set, in most situations, a flange is of the same type as the plug.The boom in private petrochemical entrants has put extreme pressure on the demand for pipe fitters. Ongoing production line projects growth requires a high degree of automotive pneumatic fittings and fluid parts. The use of fittings and flanges manufactured from a particular metal has become a common procedure in the industry. These fittings can be used in research laboratories, pilot plants and factories in addition to pipelines. As the compounds under analysis are highly corrosive, providing the right products for the laboratory poses a major challenge.It is indeed fair to say that the vast network of pipelines used to carry different chemicals and liquids is the most important component of transportation in the developed world. There is another name for such pipelines that is “flow piping” that applies to the whole pipeline network that holds fluids such as air, steam, water, additives, gasoline, etc. within and around an industrial infrastructure that functions in the production of goods and services or power generation. The extreme temperatures of temperature and pressure will trigger the connection to leak. Hence the main requirement is to protect the joint adequately with fittings and flanges for corrosion and heat-resistant tubing.The flange forms most used in the Petro and chemical industries are:1. Weld-neck Flanges:Such flanges are common, and are used with a tapered center in high-pressure environments. In normal bending conditions the Weld Neck flanges are particularly useful.2. Slip-on flanges:A flange slipping over the pipe, welded in and out to improve the pressure and avoid leakage. A preference among engineers as opposed to the weld-neck because of its lower cost.3. Lap-joint Flanges:Apart from the slip-on, these flanges are slid over the valve but not fastened, which is used in combination with the bottom of a lap joint stub. Instead, the flange is held in place by the pressure exerted by the flange friction over the back of the pipe’s chest towards the gasket.4. Threaded Flanges:If used in special circumstances, the threaded flange can be attached to the tubing without being welded. These are usually placed on deep-wall thickness tubes, used to create the inner string.5. Blind Flanges:Most flanges are made without a screw, and are used in pressure vessels to blank off pipe ends, doors, and openings. These are also best suited for high pressure activities.Applications of Flanges in the petrochemical industries:Pipe fittings used in the gas, oil, and petrochemical industries should be traceable, accurate, and made of high-quality steel or alloy. OEMs (Original Equipment Manufacturers) are constantly upgrading the equipment to raise their production across the vertical sector. The chemical plant needs special pipe fittings which can tolerate impacts of batch and continuous manufacturing, fluid movement, heat and mass transfer, etc. Since most processes are ongoing, changes need to be made as swiftly as possible. This not only minimizes the harm but also increases the risk of injuries.Duplex and carbon steel are some of the most favored alloys used in pipe fittings and petrochemical flanges production. In addition to the consistency of the products, ingenuity plays a key role in ensuring productivity in pipe fitting. Fittings that are easy to install and reversible also make the right choice.

Related questions

When do you give bid bond back?

A bid bond is typically returned to the bidder after the bid opening if their bid is not chosen, or once the contract has been awarded and the performance bond is in place.


What is difference between bid security and Bid Bond?

There is no difference. Bid securities can come in different types. A bid bond is just one type of bid security.


Is bid Bond refundable and when?

The bid Bond is refundable to losers when the contract is awarded. It is a bank guarantee of a specified value issued by the guarantee to the seller such that he cannot withdraw his bid from the tendering process.


If you use a bid bond and do not get awarded the contract do you get your money back?

No. The bid bond performed its function - allowing you to bid. This is why bid bonds are inexpensive. Had you been awarded the contract you would then need another bond, a "performance bond". This bond would be an extension of the bid bond and be priced equivalent to the value of the project. Yes. The above is incorrect atleast in the architecture/construction industry. Architectural handbook of professional practice 14 edition as reference. It is simply to insure a bidders intent to enter into contract if awarded the contract, and protect the owner if the bidder withdraws their bid


If issued a bid bond can surety not issue a payment bond?

Yes. If the bid spread is significant, and or if the financial situation of the contractor changes beyond the comfort level of the surety between the bid and award, or if the final bond is contingent on receiving info.


What is a bid size?

A bid size is a number of shares that a buyer is willing to purchase at the quoted bid price.


What is Difference between bid bond and performance bond?

<p><p> For example, the government may have a project to build a new road and since it does not really have the capability to build it, they may bid out the project to the public. After publishing the project, it may require contractors to signify their intention to do the project by submitting a "bid bond." After several contractors have bidded for the project (through submitting a bid bond), the project proponent will then choose and announce the winning bidder. Once the winning bidder has been announced, it will then require the winner to submit a performance bond. Other bid bonds submitted by losing bidders will just die a natural death. However,for the winning bidder, this "bid bond" will now be replaced by a "performance bond. Essentially, this "performance bond" assures the project proponent project completion. As stipulated in a written agreement, throughout the project, there will be certain milestones that the contractor will have to meet, failing which, there shall be corresponding penalties due the project proponent. On a worst case scenario, the contract can be rescinded and may be given to another contractor.


What is bond to bond trading?

Bond is a debt program which publish by government.i can give you basic bond trading idea.Most bonds are traded by bonds dealer.bond dealer ask price for bid,when someone buy that is the highest bond price.


What is the purchase price of a bond called?

The purchase price of a bond is called the "face value" or "par value" of the bond. This is the amount that the bond issuer agrees to repay the bondholder at maturity.


What is the types of letter of guarantee?

There are several types of letter of guarantee that include: 1. Tender Bond/ Bid Bond 2. Performance Bond 3. Advance Payment Bond 4. Retention Money Bond 5. Maintenance Bond 6. Financial/ Payment Bond


What is mean by security deposit and earnest money?

A bid bond is an indemnity bond where it waives the right of the offeror to go back on his proposal once it has been given to offeree. Also through this bond a public agency is protected in case the bidder withdraws his bid before contest or declines to enter into contract on its acceptance.It must be distinguished from earnest money which is for the purpose of showing seriousness to participate in the bid. It is commonly called token money.


How do you record interest and payment on a bond issued at a premium?

The bond price exceeds the par price when issued at a premium and declines to the par value as it gets closer to maturity. Yes. If the bid spread is significant, and or if the financial situation of the contractor changes beyond the comfort level of the surety between the bid and award, or if the final bond is contingent..