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What does the bid bond provide for the owner?

The function of the bid bond is to provide a guarantee to the project owner that the bidder will complete the work if selected. The existence of a bid bond gives the owner assurance that the bidder has the financial means to accept the job for the price quoted in the bid.

Do you get your money back on a bid bond?

The bond money pays the premium to the bonding company to put up a bond for the duration of the project. Typically the fee is about 1% of the project and no the fee is not returned.

How do you create a bid bond?

The surety company will write the bond based on both the contractors financial information and the details in the invitation to bid. Because they are guaranteeing performance based on the bid, they need to be confident that the company actually has the experience and money to follow through.

How to calculate bid bond?

Youll likely need to get a bid surety bond thats a specific percentage of the total estimated contract amount (most commonly about 5-10% of the total contract cost). This means if the project youre bidding on is estimated to cost $500,000 and youre required to get a 10% bid bond, you need to get a $50,000 bid bond.

How does a 5% bid bond work?

The 5% bid bond is the bid bond amount as a percentage of the contractors bid amount. However, this percentage can vary between projects but its commonly around 5-10% of the total cost. A $100,000 construction contract will need a $5,000 bond if its a 5% bid bond requirement.

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What is an example of a bid bond?

The amount for each bid bond request will vary between projects but very commonly it will be 5-10% of the total contract price. One bid bond example is that a $100,000 contract may require a $10,000 bond (assuming a 10% requirement.)

What is a 5% bid bond?

Key Features of a Contractor Bid Bond The bond guarantees the contractor will enter into the contract if they are awarded the bid. The bond guarantees the contractor will provide the required performance and payment bonds. The size of the bond is typically 5% to 10% of the bid price.

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