Bid Bond, Scottsdale, AZ (Business Opportunities - Investment)

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Item ID 132240348 in Category: Business Opportunities - Investment

Bid Bond, Scottsdale, AZ

A bid bond is a contract bond that can be seen as a pre-qualifier when a contractor is in the processes of trying to win over a bid for a large construction project. The bid bond is the first of the 3 bonds required during a construction project and can often be obtained with both performance and payment bonds as well. When a contractor wins a bid, the bid bond is treated as a contact for the project as a whole, promising that the execution of the project will be completed for the price stated in the bid and the performance or quality of the project will be completed to the owners satisfaction. If either of those two things are not to the satisfaction of the project owner, a claim can be made against the bond.

Bid Bonds are important because they keep the bidding process truthful between fellow contractors. Some contractors may try to make low bids on a project in order to win it but then retract the agreement made in the initial bid contract, changing the estimated total of the project or various other things that were initially agreed upon. If this happens, the owner of the project can make a claim on the bid. Bid bonds were created to keep contractors honest and the playing field fair; those who do not follow through with the agreement in the bid bond are likely to lose jobs in the future because of lack of credibility, honesty, and integrity for the process as a whole.

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Target State: Arizona
Target City : Scottsdale
Last Update : Nov 18, 2022 3:16 PM
Number of Views: 18
Item  Owner  : Richard
Contact Email:
Contact Phone: 866-430-3322

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2023-02-08 (0.398 sec)