Construction Bid Bonds
Construction bid bonds are a common requirement for commercial, publicly funded and large-scale developments. They provide a way to secure financial pre-qualification for a contractor during the tendering process. If the contractor wins the bid, the bid bond is in place to ensure that the contract will be fulfilled at the bid price and under the conditions set out under the terms of the bid submitted. If the contract does not go forward as agreed, a claim may be levied against the bond.
All federal and state originating projects require a bid bond to be in place before they tender a bid, as do some residential and commercial building projects. The bid bond also guarantees that the contractor is licensed and capable of completing the job, as rigorous background and credit checks are required in order to obtain the bond.
If anything goes wrong, you will need a strong advocate in your corner. Contractors can benefit greatly from working with a reliable contractor bond company. Contractor Surety Group only works with T-Listed and A-Rated surety companies, guaranteeing our clients a respected and trusted advocate in the event of a dispute.
Contact us today to find the right bid bond for you.