What happens to a bid bond?

[BeginningConstruction]

What happens to my bid bond if I do not get the job? Am I out the money paid for the bond? What information will be needed about my company in order to secure the bid bond? Thanks.

[Admin]

Bid bonds are typically only $100 per bid or $250/year (unlimited). There is no refund if you are not awarded the job.

You can find what is required of you by reviewing our contract bond applications.

[BeginningConstruction]

Thank you. I didn't know I can get an unlimited bid bond. So, this would cover me for all the jobs I bid on for a full annual term? Am I able to raise or lower the value of the bond throughout the yr as more expensive jobs come up? Can I use the same unlimited bid bond for different General Contractors? Thanks so much for your help!

[Admin]

Here is how it would work...

You apply for a "bond line", which has your single and aggregate limits. The single limit represents the max each bond can be. The aggregate limit is the max amount of total active bonds you can do at any given time.

Each bid you enter would have its own bid bond issued. If you are awarded the contract, you will need a performance bond to guarantee the contract.


Let me know if you need further clarification on anything.