SECTION 92

(1) The bond may be replaced by the guarantee of a deposit issued by an accredited bank in accordance with the laws in force and issued to the benefit of the Contracting Authority, or by a personal and several guarantee. (2) Contract holders shall provide guarantees from accredited financial bodies which have received authorisations from the Minister of Finance or which have a local correspondent who has received such authorisation. (3) In place of a bond, small- and medium-sized enterprises owned and managed by nationals, as well as civil society organisations, may issue either a certified cheque, a bank cheque, a legal mortgage or a guarantee issued by a bank or an accredited financial institution in accordance with the laws in force. (4) Any institution that issues a personal and several guarantee or any bank referred to in (1) above, shall undertake to pay, at the request of the Contracting Authority and up to the amount guaranteed, the sums for which the contracting partner of the public corporation may be liable under terms of the contract. (5) The provisions of (1), (2), and (3) above shall be implemented in accordance with the rules set out by the Contracting Authority.