Bid Bond description - The Bond Agency

Bid Bond

What is a Bid Bond?

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 bonding company refuses to write the performance bond, which is why the surety will underwrite bid bonds with the same caution as they do for performance bonds. In other words, the surety will not approve a bid bond, if they are not going to approve the performance bond.

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