Bid Bond Template

Name: Bid Bond Template - Construction Files
Brand: Construction Files
SKU: 20220719A
Price: 4.99 USD
Availability: InStock

$4.99

Use this bid bond template, in partnership with a surety company to ensure clients know your bids are guaranteed.

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Contributor

builderkp

Document Type

Document

Language

English

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Full Description

If you’re submitting bids regularly you may come across clients who want you to submit a bid bond. But why is one required and how can it benefit yourself and a client?

A bid bond is a surety or guarantee that is issued by (typically) an insurance company that provides a guarantee to the owner that a bidder will meet the obligations of a bid. They help to ensure that contractors do not submit low bids in order to get a project. If the contractor fails to honor the terms of the bid—for example, they raise their price after the contract is signed—the contract may be broken and the owner will have to find another contractor for the project, presumably the next-lowest bidder. A bid bond compensates the owner for the cost difference between the initial contractor’s bid and the next-lowest bid.

This bid bond template is a simple form that you can use with your surety company to certify and provide reassurance to an owner that you aren’t going anywhere.