A Bid Bond is submitted at the time a bid is presented. A Bid Bond guarantees to the project manager/owner/municipality etc. that your company will enter into a contract and obtain the necessary Payment and Performance Bonds required if the job is awarded to your company. There is no fee or premium paid for a bid bond.
A Bid Bond is submitted at the time a bid is presented. A Bid Bond guarantees to the project manager/owner/municipality etc. that your company will enter into a contract and obtain the necessary Payment and Performance Bonds required if the job is awarded to your company. There is no fee or premium paid for a bid bond.
A Performance Bond guarantees the contractor will perform according to the terms of the contract. A Performance Bond protects the owner from financial loss should the contractor fail to complete the project or perform in accordance with the contract.
Final Bond Request Form – To be used for a bond (performance, payment, maintenance or supply) after contract award
These are bonds that are used to ensure or provide for the upkeep of the project after the project is complete. They also provide a guarantee against defective workmanship, materials, etc.
A Supply Bond guarantees the performance of a contract which requires the delivery and/or furnishing of supplies for a project. An example would be a company requiring a supply bond to furnish cement for a project that will last 12 months. The company does not mix or lay the concrete, only supplies the materials to the job site.
Final Bond Request Form – To be used for a bond (performance, payment, maintenance or supply) after contract award
