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This Bid Bond secures the obligation of the Principal to complete the Baseball and Softball Dugouts Project for Wallingford-Swarthmore School District in 2024.
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What is bid bond?
A bid bond is a type of surety bond that a contractor submits with their bid to guarantee that they will enter into a contract if awarded the job.
Who is required to file bid bond?
Typically, contractors who are bidding on public construction projects or projects that require bonding are required to file a bid bond.
How to fill out bid bond?
To fill out a bid bond, the contractor must provide their business information, the amount of the bid, details of the project, and any required signatures from both the contractor and the bonding company.
What is the purpose of bid bond?
The purpose of a bid bond is to protect the project owner by ensuring that the contractor is serious about their bid and will honor the contract if selected.
What information must be reported on bid bond?
The bid bond must typically include the contractor's name, the project name, the bid amount, the bond amount, and signatures from the contractor and the surety.
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