What is a bid bond, who needs one, and how much does it cost?

R.J. Watson asked this on July 03, 2012 in Contract Bonds

SuretyBonds.com answered this on July 03, 2012

Contractors need to obtain a Bid Bond before they can bid on a project. All Public and some private jobs require a bid bond to be submitted with a bid at the time the bid is submitted.

Premium rates vary and are based on the type of work, contract amount, state, credit, etc.

For more information please check out: http://www.suretybonds.com/bid-bonds.html