Turkey Updates Public Tender Regime, Includes Insurance Surety Bonds As Collateral

Turkey has updated aspects of the public tender regime outlined in Public Tender Law number 4734. Most notably, surety bonds issued by insurance companies will now qualify as collateral during public tenders.

Surety bonds now qualify as collateral in public tenders

Surety bonds issued by insurance companies located in Turkey within the scope of surety insurance will now be accepted as collateral during public tenders.

Pre-approval system for upper limit of payments made for outsource services to be taken by public authorities

The Treasury Secretariat or Directorate of Privatization Administration will now determine the upper limit of salary and similar payments in advance, which will be made by public authorities for outsource services which require employing personnel (except consultancy services) before relevant public authorities go out to tender.