Bid Bonds (Tender Bonds)

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Guarantee your low bids win with integrity

As a contractor, you understand how difficult it can be to win a bid for a project development. Setting your bid low is always helpful, but you should also consider filing a tender bond. In fact, some project developers will actually make this a requirement before placing a bid. Below, you will learn all about our bid bonds also known as tender bonds and why you will want to incorporate them into your upcoming project.

A bid bond is a bond where the contractor i.e. the principal guarantees the obligee i.e. the owner, that the principal will honor the bid and sign the contract, if bid is awarded. In default of the bid the owner may sue both the obligator i.e. the principal and the surety.

This bond guarantees that the bidder will carry on the contract at the bid price if bid is awarded. If the bidder is allowed to take away the bid before granted, no action may be taken against the bidder or bid security.

The bid bond generally indemnifies the faithful performance with regards to the bid. Bid Bonds guarantee the sincerity of the bidders.

Who are bid bonds for?

• Developers
• General Contractors
• Subcontractors
• Road Contractors
• Sewer and Water main Contractors
• Other Heavy Civil Contractors
• Service Contractors (Waste Removal, Janitorial Firms, etc.)
• Specialty Contractors
• Manufacturers

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What information you should have to Get Started

• Quantity of your bid
• Date of your bid
• Your bond history
• Company History
• Personal Current Credit Score

You may also be required to submit your financial credentials when applying for your bid bond.

Bid Bonds if not already required, will give you an advantage over other bidders.

The construction and development world is extremely competitive. Which makes bid bonds so important for a winning bidder. This agreement or contract will protect the developer from having the project pulled out from under them, after they have won the bid.

Why developers should require bid bonds.

Simply put, projects cost a lot of money. Wasted time is not an option. Contractors who come to the table with bid bonds show they are able to get the job done. And should there be a question, the bond company or surety will guarantee that the bidding developer will be able to complete the project per the agreement.

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