A Bid Bond is often required of a contractor for a specific project.
A Bid Bond is often required of a contractor for a specific project. The bond amount is a percentage of the total bid on project, typically 10%. The Bid Bond provides the owner of the project with some assurance that, if the contractor is ultimately awarded a contract based on his bid, he will enter into a contract with the owner of the construction project. In short, a Bid Bond is a guarantee that the bond holder will perform the work they have bid on.
Do you have questions about Bid Bond?
Contact an insurance specialist at Witkemper Insurance Group and Financial Services today to answer any questions about Bid Bond or for a free review and insurance quote for Bid Bond. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to find you the right coverage at competitive premiums for business, home, auto and more.
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Since 1984, Witkemper Insurance and Financial Services have been providing insurance and financial service solutions for over 40 national insurance and financial service companies across the United States.
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