Security

In public procurement, security ensures that the tender and contract commitments are honoured. Bid security is obtained at the tender stage, performance security at the contract stage, and additional performance security is required in the event of an increase in the scope of work. Turkish currency in circulation, letters of guarantee issued by banks and other assets specified in the legislation are accepted as security. Performance security is returned following acceptance of the work and completion of the obligations prescribed by the legislation; if the obligations are not fulfilled, it is recorded as revenue.