Meaning of bid bond
Bid Bond
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Engineering and technology
Glossary of building and construction terms
Meaning and definition of bid bond :
Bid bond: To protect the owner from losing the benefit of an accepted bid. More fully expressed, if the owner accepts a bid within the time allowed, but the bidder refuses to enter into a contract (and be in breach of contract) on the basis of their bid, then the bidder is in default of this new contract and the owner may call upon the surety for the bid bond for financial satisfaction. The bid bond generally provides for a penal amount expressed as a stipulated sum or a percentage of the total amount of the bid. [W2]
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Glossary of building and construction terms
Bid Bond
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