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bid bond |
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Bid bond A bid "performance" bond consisting of a small percentage (1-3%) of the tender contract price, refunded to losers once the contract is awarded. Bid Bond A bond that a bidder to a construction project buys to guarantee that it has the means to complete the project should it be awarded the contract. The amount of a bid bond is a certain percentage of the price of the contract. It exists to reassure the company awarding the contract that the bidder has the cash flow needed for the project. The bidder is reimbursed for the bid bond if it does not receive the contract. bid bond A type of bond required in some government construction projects.If required,it must be filed at the same time as the bid.This protects the agency in the event the bidder fails or refuses to enter into a contract after being offered it or withdraws the bid before the award.The bonding company will then pay the agency the difference between the defaulting low bid and the next highest bid,whose bidder will be given the contract. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Bidders will have to submit $1 million bid bond for the 200 MW power plant, $300,000 for a 100 MW plant, $240,000 for the 70 MW plant and $150,000 for a 50 MW plant. In a change of policy, the county decided it will now require only a bid bond of $2 million for the twin pad project. Dubai: The Dubai Electricity and Water Authority (Dewa) on Monday announced that it has lowered the bid bond to 2 per cent from 5 per cent of the project value for tenders exceeding Dh2 billion, in order to help the contractors overcome the current economic situation. |
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