Bid bonds are a type of tender security which works as a deterrence to contractors from withdrawing
their submitted bids for tenders.
They are purchased when a contractor is bidding on a tendered contract. They are required during the bidding process to assure a client that a contractor will adhere to the bid they are proposing or else risk legal action.
The risk is minimal with this type of Bond as there is no financial obligation involved.
Bid Bonds are preferred because they are a less expensive option and they do not tie up cash or bank credit lines during the bidding process.
Our Bid Bonds reputable.
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