Bid Bonds
Bid bond wholesaler for agents. Guarantee your contractor client honors its bid and furnishes the final bonds — start a bid bond quote in minutes.
A bid bond guarantees that a contractor submitting a bid will honor that bid and furnish the required performance and payment bonds if it is awarded the job. Owners require bid bonds to keep bidders serious and to protect against a low bidder walking away. We place them for agents, often quickly.
What a bid bond does
- →Guarantees the contractor will stand behind its bid
- →Guarantees it will furnish the final performance and payment bonds if it wins
- →Protects the owner if the winning bidder backs out
- →Typically a percentage of the bid amount
Who needs one
- ✓Contractors bidding public or bonded private work
- ✓Subcontractors bidding on bonded projects
How to place it through Baker
- →Send the bid amount, the bid date, and the project owner (obligee)
- →Many bid bonds issue quickly once the account is set up
- →Start a bond quote, or send the application link to your client
** Terms used here are a summary only. Always refer to the bond form and the obligee's requirements.