Meaning of bid bond

 

 

 

Bid Bond

 

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Glossary of construction terms

 

Meaning of bid bond :

 

Bid bond: A bond issued by a surety on behalf of a contractor that provides assurance to the recipient of the contractor's bid that, if the bid is accepted, the contractor will execute a contract and provide a performance bond. Under the bond, the surety is obligated to pay the recipient of the bid the difference between the contractor's bid and the bid of the next lowest responsible bidder if the bid is accepted and the contractor fails to execute a contract or to provide a performance bond.

 

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Glossary of construction terms

 

Bid Bond

 

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Meaning and definition of bid bond

 

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Meaning and definition of bid bond