{"id":1031,"date":"2018-10-05T19:09:28","date_gmt":"2018-10-05T19:09:28","guid":{"rendered":"https:\/\/bhmdev.com\/sphilipsins\/?post_type=suretybonds&p=1031"},"modified":"2023-11-30T10:51:32","modified_gmt":"2023-11-30T18:51:32","slug":"bid-bond","status":"publish","type":"suretybonds","link":"https:\/\/bhmdev.com\/sphilipsins\/bonds\/performance-bonds\/bid-bond\/","title":{"rendered":"Bid Bond"},"content":{"rendered":"

[et_pb_section fb_built=”1″ disabled_on=”off|off|off” admin_label=”Feature” _builder_version=”3.22″ background_color=”#eaf7fd” custom_padding=”50px||100px||false|false” bottom_divider_style=”arrow3″ bottom_divider_color=”#ffffff” bottom_divider_flip=”horizontal” global_colors_info=”{}”][et_pb_row padding_top_bottom_link_1=”true” _builder_version=”3.25″ max_width=”1280px” custom_margin=”0px||0px||true” custom_padding=”0px||0px||true” animation_direction=”bottom” use_custom_width=”on” custom_width_px=”1280px” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”0px||0px|” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”H1 Title” _builder_version=”3.27.4″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”1.8em” header_font=”Kanit|||on|||||” header_text_align=”center” header_text_color=”#0788CA” header_font_size=”44px” header_line_height=”1.1em” header_2_font=”||||||||” module_alignment=”left” custom_margin=”0px||10px||false|false” custom_margin_last_edited=”off|desktop” custom_padding=”|||” custom_padding_tablet=”|0vw||0vw||true” custom_padding_phone=”|||||false” custom_padding_last_edited=”off|desktop” animation_style=”fade” animation_direction=”bottom” header_font_size_tablet=”36px” header_font_size_phone=”36px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n

BID BOND<\/h1>\n

[\/et_pb_text][et_pb_text admin_label=”H2 Sub-Title” _builder_version=”3.27.4″ text_font=”|900|||||||” header_2_font=”Kanit|300||on|||||” header_2_text_color=”#5e7a8a” header_2_font_size=”21px” header_2_letter_spacing=”1.6px” header_2_line_height=”1.3em” header_6_font=”Montserrat|300|||||||” header_6_text_align=”center” header_6_text_color=”#85c344″ header_6_letter_spacing=”0.2px” header_6_line_height=”1.4em” text_orientation=”center” module_alignment=”left” custom_margin=”-14px||0px||false|false” custom_padding=”0px||0px||true” custom_padding_tablet=”|0vw||0vw||true” custom_padding_phone=”|||||false” custom_padding_last_edited=”off|desktop” animation_style=”slide” animation_direction=”top” animation_intensity_slide=”5%” locked=”off” global_colors_info=”{}”]<\/p>\n

Performance, Bid, Supply & Remodel Bonds<\/h2>\n

[\/et_pb_text][et_pb_dmb_breadcrumbs _builder_version=”3.16″ body_font=”Nunito|300||on|||||” body_text_align=”center” body_text_color=”#5e7a8a” body_font_size=”10″ body_letter_spacing=”1px” separator_text_color=”#009285″ link_font=”Nunito|300||on|||||” link_text_color=”#5e7a8a” body_font_size_tablet=”51″ body_line_height_tablet=”2″ separator_font_size_tablet=”51″ separator_line_height_tablet=”2″ link_font_size_tablet=”51″ link_line_height_tablet=”2″ linkhover_font_size_tablet=”51″ linkhover_line_height_tablet=”2″ global_colors_info=”{}”][\/et_pb_dmb_breadcrumbs][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”About” _builder_version=”3.22″ custom_padding=”60px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_row _builder_version=”3.25″ custom_margin=”0px||60px||false” custom_padding=”0px||0px||true” use_custom_width=”on” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Montserrat|300|||||||” text_text_color=”#5e7a8a” text_font_size=”18px” text_line_height=”1.8em” link_font=”||||||||” ul_font=”||||||||” ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#009285″ header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” max_width=”80%” max_width_tablet=”96%” max_width_phone=”96%” max_width_last_edited=”on|desktop” module_alignment=”center” custom_margin=”0px||20px||false” custom_padding=”0px||0px||true” text_font_size_tablet=”” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

BID BOND OVERVIEW:<\/strong>
\nA Bid Bond is used as a security for bids submitted on a contract. Placing security on a bid guarantees that the bidder will execute the contract at the bid price, upon award of the bid. If security is not submitted with the bid , the bid is rejected. Additionally, if the winning bidder does not enter into a contract, the security is forfeited.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ disabled_on=”off|off|off” admin_label=”Feature” _builder_version=”3.22″ background_color=”#345168″ use_background_color_gradient=”on” background_color_gradient_start=”#5e7a8a” background_color_gradient_end=”rgba(94,122,138,0.78)” background_color_gradient_overlays_image=”on” background_image=”https:\/\/bhmdev.com\/sphilipsins\/wp-content\/uploads\/2018\/10\/bonds.jpg” custom_padding=”5%||10%||false|false” bottom_divider_style=”slant” bottom_divider_color=”#ffffff” bottom_divider_flip=”horizontal” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”3.25″ max_width=”1280px” animation_direction=”bottom” use_custom_width=”on” custom_width_px=”1280px” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”1.8em” link_font=”||||||||” ul_font=”||||||||” ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300|||||||” header_2_font_size=”40px” header_2_letter_spacing=”2px” header_2_line_height=”1.2em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Kanit||||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” background_layout=”dark” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Submissions under $450,000.00:<\/strong> One Page Application<\/p>\n

[\/et_pb_text][et_pb_blurb title=”2% rate or higher based on credit” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_font_size=”18px” header_line_height=”1.2em” background_layout=”dark” custom_margin=”||5px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”1 page application” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_font_size=”18px” header_line_height=”1.2em” background_layout=”dark” custom_margin=”0px||5px|” custom_padding=”0px||0px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Please include contract and bond forms” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_font_size=”18px” header_line_height=”1.2em” background_layout=”dark” custom_margin=”0px||5px|” custom_padding=”0px||0px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Please include personal financial statements” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_font_size=”18px” header_line_height=”1.2em” background_layout=”dark” custom_margin=”0px||5px|” custom_padding=”0px||0px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”2 day turnaround” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_font_size=”18px” header_line_height=”1.2em” background_layout=”dark” custom_margin=”0px||5px|” custom_padding=”0px||0px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”1.8em” link_font=”||||||||” ul_font=”||||||||” ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300|||||||” header_2_font_size=”40px” header_2_letter_spacing=”2px” header_2_line_height=”1.2em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Kanit||||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” background_layout=”dark” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Submissions over $450,000.00<\/strong><\/p>\n

[\/et_pb_text][et_pb_blurb title=”Rates start at 1% to 3% based on credit, experience, etc.” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_font_size=”18px” header_line_height=”1.2em” background_layout=”dark” custom_margin=”||5px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”1 week turnaround on new submissions” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_font_size=”18px” header_line_height=”1.2em” background_layout=”dark” custom_margin=”0px||5px|” custom_padding=”0px||0px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”About” _builder_version=”3.22″ use_background_color_gradient=”on” background_color_gradient_start=”#ffffff” background_color_gradient_end=”#f4f4f4″ custom_padding=”20px|0px|60px|0px|false|false” global_colors_info=”{}”][et_pb_row _builder_version=”3.25″ custom_margin=”0px||30px||false” custom_padding=”0px||0px||true” use_custom_width=”on” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Montserrat|300|||||||” text_text_color=”#5e7a8a” text_font_size=”18px” text_line_height=”1.8em” link_font=”||||||||” ul_font=”||||||||” ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#009285″ header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” text_orientation=”center” max_width_tablet=”96%” max_width_phone=”96%” max_width_last_edited=”on|desktop” module_alignment=”center” custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” text_font_size_tablet=”” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Document Downloads<\/strong>
\nApplication: Call underwriter for appropriate application at 1-818-715-7133<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ disabled_on=”on|on|on” _builder_version=”4.14.1″ custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” use_custom_width=”on” disabled=”on” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Montserrat|300|||||||” text_text_color=”#5e7a8a” text_font_size=”18px” text_line_height=”1.8em” link_font=”||||||||” ul_font=”||||||||” ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#009285″ header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” max_width_tablet=”96%” max_width_phone=”96%” max_width_last_edited=”off|desktop” module_alignment=”center” custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” text_font_size_tablet=”” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Under $450,000:<\/strong><\/p>\n

[\/et_pb_text][et_pb_divider color=”#cfd8de” divider_style=”dashed” divider_position=”center” _builder_version=”3.16″ height=”0px” custom_margin=”12px||5px||false” custom_padding=”0px||0px||true” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/bhmdev.com\/sphilipsins\/pdf\/JROlsen-Bonds_Personal_Financials.pdf” button_text=”Download: Application for Financial Statement (if required)” _builder_version=”4.13.0″ custom_button=”on” button_text_size=”14px” button_text_color=”#5e7a8a” button_border_width=”12px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”50px” button_font=”Kanit|300||on|||||” button_icon=”i||divi||400″ button_icon_color=”#0788CA” button_icon_placement=”left” button_on_hover=”off” custom_margin=”0px||0px|7px” custom_margin_tablet=”|0vw||0vw||true” custom_margin_last_edited=”off|desktop” custom_padding=”0px|0px|0px|0px|true|true” animation_style=”fade” locked=”off” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_text_size__hover=”null” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_text_color__hover_enabled=”on” button_text_color__hover=”#009285″ button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_border_width__hover_enabled=”off” button_border_width__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_border_color__hover_enabled=”on” button_border_color__hover=”rgba(0,0,0,0)” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_border_radius__hover_enabled=”off” button_border_radius__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_letter_spacing__hover_enabled=”on” button_letter_spacing__hover=”0px” button_one_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover=”null” button_two_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover=”null” button_bg_color__hover_enabled=”on” button_bg_color__hover=”rgba(0,0,0,0)” button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Montserrat|300|||||||” text_text_color=”#5e7a8a” text_font_size=”18px” text_line_height=”1.8em” link_font=”||||||||” ul_font=”||||||||” ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#009285″ header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” max_width_tablet=”96%” max_width_phone=”96%” max_width_last_edited=”off|desktop” module_alignment=”center” custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” text_font_size_tablet=”” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Over $450,000:<\/strong><\/p>\n

[\/et_pb_text][et_pb_divider color=”#cfd8de” divider_style=”dashed” divider_position=”center” _builder_version=”3.12.1″ height=”0px” custom_margin=”12px||5px||false” custom_padding=”0px||0px||true” locked=”off” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/bhmdev.com\/sphilipsins\/pdf\/JROlsen-Bonds_Bid_Contract_Preformance_Bonds.pdf” button_text=”Download: Application All States for Supply & Performance; Service Contract Bonds, etc.” _builder_version=”4.13.0″ custom_button=”on” button_text_size=”14px” button_text_color=”#5e7a8a” button_border_width=”12px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”50px” button_font=”Kanit|300||on|||||” button_icon=”i||divi||400″ button_icon_color=”#0788CA” button_icon_placement=”left” button_on_hover=”off” custom_margin=”0px||0px|7px” custom_margin_tablet=”|0vw||0vw||true” custom_margin_last_edited=”off|desktop” custom_padding=”0px|0px|0px|0px|true|true” animation_style=”fade” locked=”off” 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FAQs About Bid Bonds<\/h2>\n

Project owners wish to ensure that the project is protected, and bid bonds are the way to do that. We explained this above, but these FAQs go more in-depth.<\/p>\n

[\/et_pb_text][et_pb_accordion _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_accordion_item title=”What Are Bid Bonds?” open=”on” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n

A <\/span>bid bond<\/span> is often called a contract bond, and it’s found within the construction industry. Its function is to hold all contractors accountable for any bids they submit.<\/span><\/p>\n

In the past, bid bonds weren’t as common. However, project owners often awarded the projects to contractors who underbid themselves through negligence or intentionally. This forced the project owner to renegotiate terms after the fact or hire someone else. Both of those situations are time-consuming and expensive.<\/span><\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”Why Is a Bid Bond Needed?” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

If you require bid bonds, it’s more difficult to underbid contracts. Overall, contractors must submit one with the proposal, or it’s rejected. If the contractor underbids the project they receive, they might not be allowed a performance bond to continue with the project or could walk away before they experience financial losses. Then, developers must submit bid bond claims against them.<\/span><\/p>\n

Overall, contract bonds protect the owner of the project. After a valid claim, the bid bonds are indemnified. This means the contractor must repay the surety plus any other expenses listed in the bond agreement.\u00a0<\/span><\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”How Do Bid Bonds Work?” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

Usually, bid bonds (contract bonds) are financial agreements between three parties. The obligee is often the government agency or project owner. They require the principal (contractor) to get the bond from a surety company.<\/span><\/p>\n

In a sense, the bid bond guarantees the owner that if the contractor gets the job, they will fulfill the terms listed in the contract presented during the bidding process. Likewise, they may need other bonds, such as a payment bond or a performance bond.<\/span><\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”Who Will Benefit from the Bid Bond (Construction)?” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

Insurance often benefits the company carrying the policy. However, bid bonds are required for the project owner and entity requiring them.<\/span><\/p>\n

Indirectly, the bid bond can benefit a contractor, as well. They have a clearer idea of the type and size of the project they’re getting into. If they often work on bonded projects, they won’t be in over their heads in terms of experience or financial stability.<\/span><\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”What’s a Bid Bond Cost?” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

The bid surety bond is often inexpensive, though the amount varies between projects. Usually, it’s about five to 10 percent of the full contract price. For example, a $100,000 contract requiring a 10 percent bid bond would mean $10,000 from the contractor.<\/span><\/p>\n

Bid bonds are generally smaller than the full contract because if a claim happens, the obligee incurs the damages between the lowest bidder and the second-lowest bidder. Typically, five to 10 percent is enough to cover that spread.<\/span><\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”Is a Bid Bond the Same as a Surety Bond or a Performance Bond?” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

A surety bond is any three-party financial arrangement between an obligee, principal, and a surety. Therefore, a bid bond is one type.<\/span><\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”What Are the Differences Between Performance and Payment Bonds?” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

You might wonder about the <\/span>bid bond vs. performance bond<\/span>. Bid bonds hold a contractor accountable for the bid proposal. However, performance bonds ensure that the contractor who gets the project will complete it based on the terms of their contract.<\/span><\/p>\n

Overall, if a bid bond is required, it’s often followed by a performance bond. However, bid bonds won’t automatically convert into performance bonds.<\/span><\/p>\n

Ultimately, you should also understand the difference between performance and payment bonds. A payment bond ensures that the contractor pays the subcontractors and material suppliers according to those contracts. However, performance bonds offer a financial guarantee to the project owner that the work will get done according to the contract terms.<\/span><\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”Which Surety Company Should I Use?” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

You might be wondering: “Are there any <\/span>bid bond companies near me<\/span>?” The good news is you don’t have to go to someone in your localized area. There are many <\/span>bid bond companies<\/span> out there, and we are one of the top choices.<\/span><\/p>\n

When you need surety companies, choose S. Philips Surety & Insurance Services, Inc. We offer many types of bonds and insurance.<\/span><\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”How Do I Qualify to Get a Bid Bond Surety?” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

Learning <\/span>how to get a bid bond<\/span> is crucial. If the amount is less than $100,000, it’s often a simple process. Your surety company can handle that with ease.\u00a0<\/span><\/p>\n

However, larger bonds will focus on the contractor’s credit history, industry experience, and more. It’s best to put in a bid bond request to get a quote.<\/span><\/p>\n

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Get a Quick Quote TODAY<\/h2>\n

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