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Thread: Cancelled Bid

  1. grasshopper
    grasshopper is offline Senior Member
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    Sep 2008
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    Cancelled Bid

    If I pay for an individual bid bond and the bid is cancelled for any reason, do I get my money back?
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  2. Bond Magician
    Bond Magician is offline Senior Member
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    Cancelled Bid

    Quote Originally Posted by grasshopper
    If I pay for an individual bid bond and the bid is cancelled for any reason, do I get my money back?
    No, the fee that you pay for one bid bond is a processing fee. It has nothing to do with if you are awarded the bid bond or not. Even if the bid is cancelled, that money is non-refundable. Sorry!
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  3. h2o
    h2o is offline Senior Member
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    Bid Fee

    Why is there only a processing fee for bid bonds, and no premiums?
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  4. Bond Magician
    Bond Magician is offline Senior Member
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    Cancelled Bid

    Quote Originally Posted by h2o View Post
    Why is there only a processing fee for bid bonds, and no premiums?
    There is only a processing fee for bid bonds because you are not guaranteed to win the bid and be awarded the contract. Premiums come in when you ARE awarded the contract and you need to obtain a Performance & Payment bond.
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  5. h2o
    h2o is offline Senior Member
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    Premium & Fees

    Quote Originally Posted by Bond Magician View Post
    There is only a processing fee for bid bonds because you are not guaranteed to win the bid and be awarded the contract. Premiums come in when you ARE awarded the contract and you need to obtain a Performance & Payment bond.
    Will I be able to find out how much the premium is for the performance bond before submitting the bid?
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