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Glossary

Bid bond

A bid bond is a surety's guarantee, submitted with a bid, that the bidder will sign the contract and furnish the required performance and payment bonds if awarded; if the bidder backs out, the surety pays the government the difference up to the bond amount.

4 results for "Bid bond"

0 votes2 answers16 views

QuestionWhy does the surety want my personal financial statement and net worth before writing a bid bond?

I'm trying to bid on a county road paving job, NAICS code 237310. It's an Invitation for Bid (IFB) and the deadline is next month. The county...

bid-bond performance-bond construction

Jordan P.asked 1d ago

3 votes2 answers12 views

QuestionWhat is a bid bond, and how do I get one as a contractor who has never bonded before?

We are looking at a county paving project. The IFB requires a bid bond at the bid opening in nine days. I called our insurance agent, and they said...

bid-bond construction county-contracting

Tom B.asked 2d ago

0 votes1 answer1 views

QuestionCan I get a bid bond with bad personal credit, or is that the end of public work for me?

I'm an electrical contractor, NAICS 238210, with ten years of private sector experience, a good crew, and all the equipment I need. I'm trying to get...

bid-bond performance-bond construction

Priya S.Verified vendorasked 6h ago

6 votes2 answers11 views

AnsweredFrom the county side: why your bid got thrown out at the bid opening?

Your county purchasing department likely handled these errors in a similar way to my experience with state term contracts in Georgia; a bid with a...

county bid-tabulation lessons-learned

Helen M.asked 2d ago