Bonds & Surety
Bid Bonds Surety, explained.
Required to bid most public projects, guarantees your number if you win.
Bid Bonds
A bid bond is a surety bond that accompanies a contractor’s bid on a project. It guarantees that, if awarded, the contractor will enter the contract and post the required performance and payment bonds.
Inside a Bid Bonds policy.
Guarantee of bid validity and contract execution
Backing for the related performance & payment bonds
Issued at a percentage of the bid amount (commonly 10%)
No cost re issuance on declined bids in many programs
Filed with the specifying agency or owner
Is this for you?
Contractors bidding public works projects
Subs bidding under bonded GCs
Anyone bidding projects requiring bonding capacity
Contractors entering a new market that requires bonds
Contractors growing into larger jobs
Plain language answers.
What does a bid bond cost?
Many sureties provide bid bonds at no fee with the expectation of the final bonds if the bid wins.
What if I win and back out?
The bond can be called, the surety pays the difference between your bid and the next bid, then collects from you.
How does my financial picture affect bonds?
Surety reviews financials, history and the size of jobs. We help you build a bonding profile that grows your capacity.
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Ready for a Bid Bonds quote?
A short form or a quick call. We’ll shop it across 50+ carriers and come back with options.