What is a bid bond?

A bid bond assures the project owner that you will honor your bid and provide performance and payment bonds if awarded the contract.

A bid bond ensures that a contractor who wins a bid will enter into the contract and provide the required performance and payment bonds. It's a safeguard for project owners.

A business with a blanket bond covers multiple projects without needing individual bonds for each one, saving time and effort.

Negotiate with your surety provider for multi-year terms or renewals to stabilize costs over time.