Cancelled Bid

[grasshopper]

If I pay for an individual bid bond and the bid is cancelled for any reason, do I get my money back?

[Bond Magician]

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!

[h2o]

Why is there only a processing fee for bid bonds, and no premiums?

[Bond Magician]

Originally Posted by h2o

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.

[h2o]

Originally Posted by Bond Magician

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?