Contractor BID BONDS

What Is a Bid Bond?​

A bid bond is a type of surety bond that protects a company when they bid on a contract. This bond guarantees that if your company's bid is accepted, you will be able to complete the contract because you have the capability and expertise to complete it. Bonds are essential if you want to stay competitive in the construction industry.

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Why Do I Need a Bid Bond?​

You need a bid bond to be able to obtain the contract in the first place on any federal project. Many private firms also require bid bonds. Letting the owner know that you can complete the project decreases risk and allows you to build trust between all parties. 

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How Much Do Bid Bonds Cost?​

The cost of a bond depends on the size of the project mentioned in the contract. Typically, the bond is calculated as a percentage of the project cost. This percentage becomes lower as the cost increases. Our local Wexford Insurance agents work hard 24/7 to find you the best rates. 

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How Do I Get a Bid Bond?​

A bid bond is obtained using a surety agency. Wexford Insurance is a trusted surety agency that can help you obtain a bond quickly, while finding you the best rate for your company. 

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What Is the Difference Between a Bid Bond and a Performance Bond?​

A bid bond is replaced by a performance bond once the bid is accepted and your company begins to work on a project.