What happen to the bid bond

[daniel_tsb]

In case somebody made a mistake on his bid and he is short 100,000 dlls for exemple, he turn in a bid bond of 20,000 dlls. and he is the low bidder, after he review his bid he decide no to take the job, what happend to the bid bond? or what can happen to this company?

[Admin]

This would result in a claim on the bid bond, which the surety would ultimately hold the contractor responsible for.