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Bid Bonds

This bond is associated with another bond called a performance bond. Basically the bonding company provides the bid bond as a guarantee that they will supply a performance bond to the person applying for it, should they win the contract to do so. Typically speaking the bid bond will only be approved if the company is going to approve the performance bond as well. This is why great caution is taken when underwriting this particular bond, because of the potential that a claim can arise against it.

The current market

The current market in bid bonds is more cautious than it was previously. However the market in surety bonds does appear to have leveled off in recent times, making it unlikely that it will become even more difficult in the future.

Does your agency have a special program available for bid bonds?

Some surety companies have elected to underwrite these bonds by relying on credit reports. This applies to contract bonds under the amount of $200,000 typically speaking. It allows easier entrance into the world of contract bonds for smaller businesses and ones new to the market.

 
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