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Bid Bond: What It Is, How It Works, Vs. Performance Bond

A bid bond is a guarantee that the bidder will complete the work if selected, ensuring financial and legal recourse to the project owner. Bid bonds are required for most public construction contracts and are submitted in conjunction with the project's contract. They act as a means of legal and financial protection for the client by backing the payments made to the contractor if they fail to meet their obligations. Bid bonds are replaced by performance bonds when the bid is accepted and the contractor proceeds to work on the project. Clients usually opt for the lowest bidder as it means reduced costs, but there are financial and legal consequences for contractors who fail to meet the obligations of the bid bond. Poor credit may make obtaining a bid bond more costly for contractors. c9b6