Texas bid bonds are designed for competitive project bidding, such as in the construction industry. If a bid is offered to a contractor for a given project, for instance, a bid bond guarantees that the contractor will perform the work as outlined in the terms of the bid and according to the contract based on the bid. Bid bonds are initiated with a cash deposit, which contractors forfeit if they fail to perform according to the contracted terms. Winning bidders must also provide a performance and/or payment bond at their cost, which they will also forfeit in the event they do not execute their contract as agreed.
Bid bonds are FREE. Performance Bonds cost 3% of the total job with $0.00 hidden agency fees.
How To Get Texas Bid Bonds
- Fill out the Fast Track App, Application for Bid or Performance Bonds and then save.
- You can then Upload your Bid or Performance Application and submit it directly to us.