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AFFIDAVIT & REQUEST for COPY of PAYMENT BOND, CONTRACT Form

AFFIDAVIT & REQUEST for COPY of PAYMENT BOND, CONTRACT Form

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Welcome to the MEP Academy. In this video we're  going to talk about when are bonds required.   What's the difference between a bid  bond or performance and payment bond,   and how much do bonds cost. Welcome to the MEP Academy in this video we'll  discuss bid bonds and performance and payment   bonds. So what is a bid bond? Basically when  you're bidding a project that requires a bid bond,   it's because the owner wants you to guarantee  that you're capable of fulfilling the contract   requirements, and that you'll be able to secure  a performance and payment bond. Usually a bid   bond will roll into a performance bond.  So what happens if you back out of a bid   where you were the successful low bidder, and  for which a bid bond was issued on your behalf?   if you're the low bidder and you decide not to  execute the contract, and you want to back out,   and you provided a bid bond to bid the pr

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