Category: Bid Bond

A Bid Bond is a type of Construction Bond that provides a guarantee that the winning bidder will take up the contract as per the terms at which they bid. This bond ensures compensation to the bond owner if the bidder fails to begin a project. A Bid Bond is obtained through a surety agency, and it guarantees that a contractor is financially stable and has necessary resources to take a project. There are three parties to a Bid Bond: the principal, the obligee and the surety. The principal is th read more