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.

References in periodicals archive ?
Bid bond: Applicable; Fee: QR1,000 Company: Qatar Chemical Company Limited, Doha, Qatar.
That includes (1) the Ferrous Metals Research Institute (bid bonds requested for four packages are L.E.
The Court of Federal Claims (COFC) declined to impute an insurance broker's questionable conduct to a bidder whose bid a contracting officer determined to be nonresponsive because the amount of the contractor's bid bond exceeded the amount authorized by their surety.
Bid bond: Applicable Fee: QR1,000 Company: Qatar Chemical Company Limited, Doha, Qatar.
Bid bond: Applicable Fee: QR500 Company: Qatar Petroleum, Woqod head office, PO Box 7777, Woqod Tower, West Bay, Doha, Qatar.
The bidder submits the bid bond in the amount corresponding to the order group.
Bid bond: Applicable; Fee: QR500 Company: Qatar Petroleum, Woqod head office, PO Box 7777, Woqod Tower, West Bay, Doha, Qatar.
Bid bond: Applicable; Fee: N/A Company: Qatar Petroleum Phone: +974 4440 2000 Email: contracts.services@qp.com.qa Website: www.qp.com.qa Closing date: February 28, 2016
Bid bond: Applicable; Fee: N/A Company: Qatar Petroleum Phone: +974-44402000 Email: contracts.services@qp.com.qa Website: www.qp.com.qa Closing date: February 22, 2016
It is required that the bidder submits with his bid either a certified check, a cashier%s check, or a bid bond payable to the City of Birmingham in the amount of $10,000.00.
Bid bond: Applicable; Fee: QR2000 Company:Qatar Chemical Company Limited.
A Bid Bond Or Certified Check For 10% Of Total Amount Is Required When Submitting A Bid Equal To Or Greater Than $10,000.