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ABOUT BID BONDS
Your First Bond
A bid bond states that the you, the contractor, possesses sufficient financial credentials to accept the job and will enter into a contract with the owner for the contractor’s bid. An approved bid bond means an awarded project.
Without bid bonds, project owners would have no way of guaranteeing that the bidder they select for a job would be able to properly complete the job without running into cash flow problems along the way.
How is a Bid Bond Used?
Project owners have contractors submit bid bonds with their bids to guarantee they provide serious bids and are financially stable enough to complete the project.