Bid Guarentee?

[chefman]

I want to apply for a bid bond and want to know if you write one for me does that mean you will also write the performance bond that is required if I am low bidder on the project?

[Phillies]

Actually yes. The purpose of a bid bond is to tell the Obligee that your company qualifies for the final bond in the event you are awarded the project. It's important to provide as much information as possible for the bid so Surety has everything they need to approve the bid.

[Admin]

Not only does the bid bond prove to the obligee that you qualify for the performance bond, it actually guarantees that the surety will provide the performance bond in the event you are awarded the bid.

If the surety does not write the performance bond, the obligee can file a claim against the bid bond.