Are bonds refundable if I cancel them?

Some bonds may offer a partial refund upon cancellation, but terms vary by surety and bond type.

Bonds are generally non-refundable, but some surety companies may offer partial refunds for unused portions of the bond period. Always check the terms before cancellation.

A project manager requests a bid bond from all contractors to ensure serious participation in the bidding process.

Consult with a tax professional to ensure you claim bond premiums as deductible expenses where applicable.