Handyman Insurance, What are Bid Bonds
Friday, Dec. 26th 2014 6:26 AM
Bid bonds make sure that contractors submit serious bid proposals and helps to reassure the project developers that bidders have the financial credentials necessary to accept the job. If a bid is selected and the contractor declines the job or retracts the bid, the project developer can make a claim on the bond to recoup the difference between that bid and the next-highest bid.
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