Financial Services
On the Indian market, bid bond are becoming more and more popular. Contract bonds are what we call this type of bond. Requesters of project proposals, including manufacturers, dealers, suppliers, and contractors, must comply with this criterion. A bid bond assures the contractor of the funds required to finish the project in the unlikely event that they win the bid. These bonds serve as an assurance to the project owner from the contractor that they will complete the necessary documentation and begin construction on the project they have bid on. Usually, the bond amount is just half of the asking amount.
