Are you putting a contract out to tender and looking for a reliable contractor? Or are you a contractor wanting to maximise your chances of taking part in a project? If so, the bid bond is an essential tool during the negotiation process. A bid bond clause gives you a guarantee that the counterparty will meet their promises. It’s an ideal way of building up a long-term relationship of trust.
You only attract serious contracting parties or potential contractors.
You can be certain that the contract will be carried out.
You receive a bid bond from us that is tailored to your business and your project.
The bid bond: watertight and solid
What is a bid bond?
A bid bond is issued during a tender process. The purpose of the bid bond is to ensure that the winning contractor abides by the contractual terms governing the delivery. At the same time, it means that the contracting party can no longer cancel the contract once the bid has been approved. If one of the two parties withdrawals before the end of the tender period, they have to pay the agreed guaranteed amounts to the other party.
Come and talk to us about bid bonds
Are you a contracting party or contractor looking to use a bid bond for a potential contract? A wise choice. Talk about it to your relationship manager. He or she will help you set up a bid bond that is tailored to your business and the project.