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Bid Bond

 Bid bonds are required when offering a bid on a bonded project. A bid bond provides security that the bid provided will be honored.

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Why work with Bonding Solutions? Simple! We are different!

We are a surety only agency that thrives on creating an unbeatable client experience! Our industry leading bond volume allows us to create programs that can be tailored to each individual client, getting them their bond faster at the cheapest cost! Below are a few reasons our clients love to work with us:

  • #1 Rated Bond Agency Nationwide
  • Find the Lowest Bond Costs in Minutes
  • Quickest Approvals
  • Pay Instantly Online – 100% Secure
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What is a Bid Bond?

A bid bond is a type of contract bond. A bid bond offers a guarantee that when you submit a bid for a project that you are submitting an accurate bid and will later post a performance bond and/or payment bond. Bid bonds are generally used on public construction jobs and are considered financial security for contract bid proposals. Having in-house authority, Bonding Solutions has the ability tailor your bond program to fit the unique needs of your company.

Call us to get pre-approved for your bond program today.

 

 




How much will a Bid Bond cost?

In most cases, there is no cost for a bid bond. A performance and/or payment bond follows a bid bond, once the bid has been won and contract awarded.

It is essential to include the cost of the performance and payment bond in your bid. If you are awarded the contract, there is a cost to a performance and payment bond. This cost can vary considering the project size, scope, financial qualification, experience, and other factors. Generally, expect to pay 0.5% to 3.0% of the total contract value.

Let us assist in bettering your bond program. Give our office a call today to see how we can help you.

Why is a Bid Bond required?

A Bid Bond is required because it guarantees that the contractor who wins the bid not only has the intent but the ability to complete the contract under the terms the parties agreed on. If the contractor doesn’t abide by the agreed-upon terms, the project owner can recoup the cost differential between the original and a secondary bid.

How do I get started?

Begin the process for a Bid Bond by calling our office or applying online.

Many bids do not require financials and can be approved within an hour.

Questions? Call us today at (877) 841 6745 where a member of our staff is waiting to help you.

Click here to fill out the Contract Bond Request form.

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(877) 841-6745