A Bid Bond Is An Asurety Bond.

The purpose of a bid bond is to ensure that the bidder is serious about entering into a contract if their bid is accepted. It serves as a protection for the project owner in case the winning bidder fails to fulfill their obligations, such as refusing to enter into a contract or not providing the required performance or payment bonds.

Bid bonds typically represent a percentage of the total bid amount, commonly ranging from 5% to 10%. The bond amount acts as a form of collateral and provides financial compensation to the project owner if the bidder backs out or fails to fulfill their obligations. In such cases, the project owner can claim the bond amount to cover any additional costs incurred in awarding the project to another bidder.

Achieve all your goals and aspirations with the right kind of help.

  • It takes only 30 minutes to process a bid bond.
  • No collateral required to get a bid bond from us.
  • Free delivery of the bid bond.
  • Minimal requirements needed.
  • Bid amount.
  • Company name and address.
  • Procuring entity name and address.
  • Tender Opening date.
  • Effective date.
  • Validity period.