A Bid Bond is often required of a contractor for a specific project. The bond amount is a percentage of the total bid on project, typically 10%. The Bid Bond provides the owner of the project with some assurance that, if the contractor is ultimately awarded a contract based on his bid, he will enter into a contract with the owner of the construction project. In short, a Bid Bond is a guarantee that the bond holder will perform the work they have bid on.
Contact an insurance agent at Litaker Insurance today to answer any questions about getting a Bid Bond. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.
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