Financial Services
Bid bonds have gained increasing popularity in the Indian market. In other words, it is also referred to as contract bonds. It is a duty that a contractor, supplier, dealer, or manufacturer is required to perform when asking for bids on the project. In case of a rare event of the acceptance of an offer given by the contractor, a bid bond ensures that he gets the amount required for the completion of the project. These bonds assure the owner of the project that, by providing the bonds, the contractor is promising to attempt to execute the needed documentation and commence construction of the specific project for which they have been awarded the contract. Usually, the bail is half of the wanted amount. For more, check the Surety Seven website.
