A Bid Bond is a type of Contract bond that ensures that a contractor will honor their bid if awarded the contract.
Provides confidence to project owners that contractors provide honest bids and prevents them from backing out.
To secure the bidding process and ensure that project owners are protected from financial loss due to non-committed contractors.
Contractor’s financial and credit history, project details, and bid amount.
Generally free; the contractor will pay for the performance and payment bond if they are the low bidder.
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