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GOVERNMENT OF THE DISTRICT OF COLUMBIA PROPOSAL BOND (See Instructions on 2nd oa2e) PRINCIPAL (Legal Name and Address)SURETY(IES) (Name(s) and Address(BS))Date Bond Executed: (Must Not be Later Than.
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Addreu FAQ
For example, for a $500,000 bid, the contractor will have to secure a bid bond for $50,000. That $50,000 serves as a guarantee that the contractor will complete the project for the $500,000 bid value. Should the GC win the bid but not take the project, the owner can file a claim against the $50,000 bond.
A bid bond provides a guarantee that a winning bidder will take up the contract as per the terms at which they bid. A bid bond ensures compensation to the bond owner if the bidder fails to begin a project. Bid bonds are often used in construction jobs or other projects that follow a similar bid-based selection process.
A bid bond only covers the bid itself, ensuring that the contractor selected can follow through on the project while a performance bond only becomes necessary once a bid is won and a contract is awarded to the contractor.
Typically a bid bond is 10% of the contract price, but that isn't mandatory. Some owners will ask for 5%, a fixed dollar amount or any amount they think is worthy. The idea behind the bid bond is that the owner can recover the difference between low and second lowest bidder, and it provides a prequalification function.
Typically, bid bonds are submitted as a cash deposit by contractors for a tendered bid. A contractor purchases a bid bond from a surety, which carries out extensive financial and background checks on a contractor before approving the bond. Several factors determine whether a contractor will be issued a bid bond.
The bid percentage (usually five or ten percent 5, 10%) is forfeited if you don't accept the job. The Bid Bond prequalifies the principal and provides the necessary security to the owner or general contractor, or “obligee,” guaranteeing that the principal will enter into the contract, if it is awarded.
Bid Bond. It is a bond issued to serve as a guarantee to a project owner that the winning bidder will satisfy the terms of a tendered contract.
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