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A bid bond is a contract bond that can be seen as a pre-qualifier when a contractor is in the processes of trying to win over a bid for a large construction project. The bid bond is the first of the 3 bonds required during a construction project and can often be obtained with both performance and payment bonds as well. When a contractor wins a bid, the bid bond is treated as a contact for the project as a whole, promising that the execution of the project will be completed for the price stated in the bid and the performance or quality of the project will be completed to the owners satisfaction. If either of those two things are not to the satisfaction of the project owner, a claim can be made against the bond.
Bid Bonds are important because they keep the bidding process truthful between fellow contractors. Some contractors may try to make low bids on a project in order to win it but then retract the agreement made in the initial bid contract, changing the estimated total of the project or various other things that were initially agreed upon. If this happens, the owner of the project can make a claim on the bid. Bid bonds were created to keep contractors honest and the playing field fair; those who do not follow through with the agreement in the bid bond are likely to lose jobs in the future because of lack of credibility, honesty, and integrity for the process as a whole.
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There are generally 3 parts to a construction bond; bid bond, performance bond and payment bond. The three parts are used together but are all completely different.
The Surety Place, founded in 2002, began with one goal in mind, to bring innovation and a high level of service the surety bond industry had yet to see. We have been an industry leader from the start; a people first company that you can trust, offering access to agents, specialty programs, and businesses to achieve the right solution at the right time, every time.
What sets us apart from other sureties is that we establish a relationship with you in order to truly understand your business focus whether large or small, complicated or difficult, so that we truly know how we can be of service to you and minimize some of your pains as a business owner. As small business owners ourselves, we know how hard it can be to get started and grow your business. We are here to help alleviate some of those stresses by getting you the bid, performance and payment bonds needed to bid on larger projects. Your needs as a business owner will be heard, and solutions will be found and implemented in a timely manner. As one of the only true specialists in the industry we supply access, partnerships, and specialty programs with numerous “A” rated sureties across the nation. The Surety Place is here to help you service all of your customs bond needs with no appointments or contracts necessary, yet another thing that sets us apart as one of the leading sureties in the industry.
Our industry knowledge and expertise coupled with our ever increasing list of specialty programs, give us the unique ability to write your bonds when no one else can. When you put your trust into our team of experts, you and your business will never be disappointed.
We set our standards high, which means we provide our clients with nothing but the best team. Our dedicated account managers are highly trained underwriters who are able to provide our agents and clients with a tailored bonding solution for their individual or corporate needs. Our team continues to educate themselves on the ever-changing surety bond industry and we promise that we are able to provide the information you need and answer any questions you may have. Whether you bond is big or small, simple or complicated, Surety Place is built to find you the right answer. Poor credit, financial hardship, fast growth, or just getting your company off the ground? We have options for you too.