A bid bond is a debt secured by a bidder for the purpose of providing a guarantee that the successful bidder will accept the contract once awarded.
A bid bond is a guarantee that ensures that approved bidded contractors starts and finishes a job. This type is usually called a construction bond aimed at protecting the owner or developer usually in a construction bidding process.
With this bid bond, the successful bidder will know that the developer is under a financial security and will ensure he follows due processes according to the contract.
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