A Bid Bond is a document that acts as a guarantee to assure a project owner that the bidder will stand by and honor his bid. The Bid Bond goes to show that the bid is backed by insurance and financial brokers. The Bid Bond is also referred to as the Bid Bond Guarantee.
When a bidder submits a bid for a job and backs it by adding a Bid Bond, the bid automatically becomes more attractive to the job provider. BidBonds provide reassurance to the client that they will get what was proposed.
To make things easy for you, we offer a Bid Bond sub-template, in which we have included basic elements such as the name of the bidder, the party which has requested the bid, project description, project location, amidst many others.
The text in the sub-template is customizable and modifiable. The sub-template itself is available for download in multiple formats. Please know that the document has been examined and verified by a legal attorney.