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Bid Bond

Given by a bidder for a supply or construction contract to guarantee that the bidder, if awarded the contract within the time stipulated, will enter into the contract and furnish the prescribed performance bond. Default will ordinarily result in liability for the difference between the amount of the principal’s bid and the bid of the next low bidder who can qualify for the contract. In any event, however, the liability of the surety is limited to the bid bond penalty.

Surety Bond Resources

Man Working at Desk

Think a surety bond works like insurance? It doesn’t. You pay, but you’re still responsible. What is a surety bond?...

landscaping bond guide

A landscaping bond is a type of business service bond that protects your clients from theft or fraud by employees....

moving bond company guide

A moving company bond is a surety bond that protects your customers if an employee steals or damages their belongings....

Questions?

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