What is a Bid Bond?
A bid bond is a type of surety bond that contractors are required to submit when bidding on construction projects, particularly public sector ones. It serves as a financial guarantee that the contractor who wins the bid will enter into the contract and provide the required performance and payment bonds. If the winning contractor fails to honor their bid and proceed with the project, the bond compensates the project owner for the difference between the defaulting contractor’s bid and the next lowest bid, ensuring that the owner is not financially disadvantaged.
Southwest Bond Solutions is proud to be recognized as an SBA Authorized Agent. This designation enables us to provide streamlined bonding solutions with greater flexibility and competitive rates for small businesses. Click here to learn more.
How to get a Bid Bond in 3 easy steps with Southwest Bond Services
Request a Quote
Fill out our online form or give us a call to request a free quote. Our team will promptly assess your requirements and provide you with a competitive quote tailored to your specific circumstances, ensuring clarity and transparency throughout the process.
Provide Required Information
Provide the necessary information requested by our team. Whether it's details about your project, business, or personal information, rest assured that your data will be handled securely and confidentially to facilitate a smooth experience.
Pay & Sign
Complete the process by making your payment for the bond premium and signing the required documents. Our team will guide you through the each step of the process to ensure accuracy and compliance with all legal and contractual requirements.
