Bid Bonds

 

Your commercial surety needs are handled by representatives and managers who specialize in such accounts. We have a specialized surety staff to respond to your needs. This specialization enables us to insure that your bid bond needs are handled quickly and efficiently. These efforts are supported by office staff focused solely on Commercial Surety business.

In our years of service to contractors and other types of businesses we have bonding programs to address a wide array of risk sizes, types and special coverage needs. In addition to coverages for large business, coverages are available for both the self employed and smaller business.

 

At FidelityandSuretyBonds.com we understand that companies have unique bid bonding needs.

Our bid bonds are designed to protect your clients against the risks typically faced by property owners in the construction process through tailored and comprehensive policies.

 

 

A bid bond guarantees the owner that the principal will honor its bid. The owner is the obligee and may sue the principal and the surety to enforce the bond. If the principal refuses to honor its bid, the principal and surety are liable on the bond for any additional costs the owner incurs in fulfilling the contract. This usually is the difference in dollar amount between the low bid and the second low bid. The penal sum of a bid bond often is ten to twenty percent of the bid amount.