What is a Contract Bid Bond Learn in 1 minute

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What are Bid Bonds? Learn in 1 minute what the definition of a Contract Bid Bond and what it does for your business. Call 1-800-361-1720 or visit https://southcoastsurety.com/surety-s... today to learn more and get your bid bond at the best rates with fast approvals. • Most Obligees require the posting of a “Bid Security” in the form of a cashier’s check or a bid bond. The amount of the bid security is usually 10%, but can range from 5% to 25% or more. The bid bond guarantees that the lowest qualified bidder will sign the contract and provide the required surety bonds. • If an Obligee awards a job to a contractor, and that contractor does not sign the contract and provide the required bonds at the original proposed pricing, their bid security is at risk. The Obligee may use their bid security to cover the difference between that contractor’s bid and the next lowest qualified bidder. In some cases, the full penalty of the bid security may be forfeited. • Because a bid bond only guarantees that the successful bidder will enter the contract and provide the required Contract Surety Bonds, (Performance, Payment, etc.) the bid bonds are issued without a significant fee. Usually the surety charges a small annual bid bond service fee or nothing at all for contractors that generate sufficient contract bond premiums.

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