A bond purchased by a company or individual bidding on a large project or sale in order to demonstrate that sufficient funding exists to complete the transaction if they are selected. The bond guarantees that the bidder will not be prevented from fulfilling the contract by availability of funding.
Related information about bid bond:
- Bid bond - Wikipedia, the free encyclopedia
A bid bond is issued as part of a bidding process by the surety to the project owner, to guarantee that the winning bidder will undertake the contract under the ...
- Bid Bond Definition | Investopedia
The existence of a bid bond provides the owner with assurance that the bidder has the financial means to accept the job for the price quoted in the bid.
- What is a Bid Bond?
Bid Bond Basics: Understanding why a bid bond is required and how does it works.
- What is bid bond? definition and meaning
Definition of bid bond: A written guaranty from a third party guarantor (usually a bank or an insurance company) submitted to a principal (client or customer) by a ...
- Form of Bid Bond
NUMBER_______________AND THAT A BID BOND OR BANK GUARANTEE IS . REQUIRED FOR 2% OF THE AMOUNT OF THEIR BID. WE, name and ...
- BID BOND
OMB NO.: 9000 0045. OBLIGATION: We, the Principal and Surety(ies) are firmly bound to the United States of America (hereinafter called the Government) in the ...
- Bid Bond: Definition from Answers.com
Bid Bond Bond required of a contractor submitting the lowest bid on a project. If the contractor then refuses to undertake the project, the bid bond assures.
- Bid Bonds | JW Surety Bonds
A bid bond is a guarantee that the bonding company will provide a performance bond to the principal, if they are awarded the contract. A claim can arise if the ...