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Insurance Policies >> General Bonds

Bid Bond

This is a bond given to people (Clients) who want to tender for projects. The Bond guarantees the owner of the project (Principal) that the Bidder will remain in the bidding process until the project (Contract) is awarded.

When the contract is awarded and the guaranteed person does not win the contract, the bid bond becomes void. In the event where the bidder wins the contract, the guarantor ensures that the bidder signs the contract to perform.

 

Failure by the bidder to sign the contract the guarantor is called upon to pay the bond value guaranteed.

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