BID BOND OVERVIEW:
A Bid Bond is used as a security for bids submitted on a contract. Placing security on a bid guarantees that the bidder will execute the contract at the bid price, upon award of the bid. If security is not submitted with the bid , the bid is rejected. Additionally, if the winning bidder does not enter into a contract, the security is forfeited.
Application: Call underwriter for appropriate application at 1-800-452-7121
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