A Bid Bond is often required of a contractor for a specific project. The bond amount is a percentage of the total bid on project, typically 10%. The Bid Bond provides the owner of the project with some assurance that, if the contractor is ultimately awarded a contract based on his bid, he will enter into a contract with the owner of the construction project. In short, a Bid Bond is a guarantee that the bond holder will perform the work they have bid on.
Do you have questions about Bid Bond?
Contact an insurance specialist at James E. Moore Insurance Agency, Inc. today to answer any questions about Bid Bond or for a free review and insurance quote for Bid Bond.