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BID BOND REQUEST FORM Your Name Contractor Obligee

BID BOND REQUEST FORM Your Name Contractor Obligee

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contract bonding is a blanket term that covers bonds tied to construction or contractual obligations not always construction but most of the time so contract bonds are most commonly known as bid performance and payment bonds there's also supply bonds warranty bonds a couple other bonds that can fall in there so when a city puts out a bid for a job they're going to require bid bond first of all it costs the contractor nothing to get that bid bond if you go and bid that job it may be a 5 10 15 20 bid bond none of that cost you money that's just the amount if you did a million dollar job and it's a 10 bid bond it's a 100 000 penalty that you're on the line for and lots of times when you see bid documents they'll say you can post cash or the bid bond so that means that to bid that million dollar job you may have to post a hundred thousand dollars cash mostly in the form of a cashier's check here's why that's not a great idea when you give that money to the municipality you're bidding to th

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