Benefits of Bid Bonds | Surety Seven
Nowadays, bid bonds are very popular in the Indian market. One type of contract bond is this one. They have to have it when a contractor, trader, supplier, manufacturer, etc. puts in a bid on a project. Bid bond guarantee that the contractor will have the funds required to finish the project, even in the unlikely event that they win the bid. With the use of these bonds, the contractor assures the project owner that they will complete the required documentation and start working on the project for which they have filed a bid. Usually, the bond amount represents a fraction of the bid price.
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