Get Standard Form 24 Bid Bond 2020-2025
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A bid bond specifically guarantees that a contractor will fulfill their bid if awarded the contract, while a bond can refer to various types of financial guarantees in the construction industry. Bonds serve multiple purposes, including performance and payment guarantees, depending on the context. Essentially, all bid bonds are bonds, but not all bonds function as bid bonds. Opting for a Standard Form 24 Bid Bond focuses directly on the bidding phase of a project.
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