You can now get a Bid Bond (almost) instantly. For Bids under $100,000, click here 
For all bids greater than $100,000, get our Express Application form:
Express Application (click to download form)
- Complete the form and email to gary@swiftbonds.com.
- Be sure to include the RFQ/ITB (bid specs from the obligee).
What is a Bid Bond in Idaho?
A bid bond is one of the types of surety bonds, which guarantees that the bidder will accept the contract and complete the agreement according to its terms. The bid bond provides assurance to the project owner that the bidder has the knowhow and wherewithal to finish the job once you are selected after the bidding process. The basic reason is that you need one in order to get the job. However, the larger question is why are more owners/developers requiring a bid bond in the first place? The basic answer is risk. Given the uncertainty of the marketplace, which includes experienced contractors closing their doors, to municipalities filing bankruptcy (or just slow paying), has led to owners being afraid that their contractors will be unable complete the work. So, they require a some protection.
Just fill out our bond application here and email it to gary@swiftbonds.com - click here to get our Idaho Bid Bond Application
A bid bond is issued as part of a bid by a surety bond company to the project owner. The owner is then assures that the winning bidder will take on the contract under the terms at which they bid.
Most bid bonds contain a bid percentage (usually five (5%) or ten (10%) percent, is forfeited if you don’t accept the job).
How much does a Bid Bond Cost in Idaho?
Swiftbonds does not charge for a bid bond (with two exceptions, see below). The reason that we don't charge for a bid bond is that we will charge for the P&P bond if you get the job. The cost of a bid bond can vary widely depending on the amount of coverage that is required (see below).
Two exceptions for bid bond charges:
1) We do charge for Overnight fees
2) We will charge you if there is NOT going to be a bond.
How much do bonds cost in ID?
Bond prices fluctuate based on the job size (that is, it's based on the cost of the underlying contract). The cost of a bond is estimated through a couple of back-of-the-envelope calculations. In general, the cost is approximately three percent (3%) for jobs under $800,000 and then the percentage is lower as the contract amount increases. We work diligently to find the lowest premiums possible in the state of Idaho. Please call us today at (913) 286-6501. We'll find you the very best rate possible for your maintenance bond or completion bond. Things that can affect this pricing are the perceived risk of the job, the financial position of the entity being bonded, plus other factors. See our performance surety bonds for more.
| Bond Amount Needed | Fee |
| <$800,000 | 2-3% |
| >$800,000<$1,500,00 | 1.5-3% |
| >$1.500,000 | 1-3% |
These rates are for Merit clients, Standard rates are higher
How do I get a Bid Bond in Idaho?
We make it easy to get a contract bid bond. Just click here to get our Idaho Bid Bond Application. Fill it out and then email it and the Idaho bid specs/contract documents to gary@swiftbonds.com or fax to 855-433-4192.
You can also call us at (913) 286-6501. We fully review each and every application for surety bid bonds and then submit it to the surety that we believe will provide the best bid bond for your company. We have a high success rate in getting our clients bid and P&P bonds at the very best rates possible.
Paving the Way to Success with an Idaho Bid Bond
We’ve discovered through experience that an Idaho Bid Bond is a critical part of the bidding process for construction and other large-scale public projects. A bid bond ensures that if a contractor is awarded a project, they will follow through by entering into the contract and providing the required performance and payment bonds. Without this bond, a contractor could potentially abandon the project after winning the bid, leaving the project owner in a bind. In our view, Idaho's focus on bid bonds helps create a secure environment for public works.
Pioneering Solutions to Find a Bid Bond Near Me
From our perspective, finding a bid bond provider in Idaho is simple with the growing number of surety bond agencies available. Whether you’re in Boise or Coeur d'Alene, we’ve noticed that local agencies often provide a more personalized approach. Additionally, online services have made it easier to get quotes, compare bond prices, and file applications remotely. We’ve found that researching agencies with specific experience in Idaho law will streamline the process.
Groundbreaking Insights on Who Gets the Bond in Idaho
In our observation, several key players in Idaho's construction and public project landscape are required to secure bid bonds. We’ve consistently observed that these bonds are essential for ensuring the commitment of those bidding on major projects. Based on our experience, here’s who typically needs to get a bid bond in Idaho:
- General Contractors:
We’ve often worked with general contractors bidding on public projects in Idaho, and it’s clear they are required to obtain bid bonds. Whether it’s for a city, county, or state project, these bonds ensure that the contractor will enter the contract if selected. - Subcontractors (In Certain Situations):
We’ve found that, in some cases, subcontractors may also need bid bonds. If they are submitting their own bids for large-scale work packages within a project, a bid bond is sometimes required to ensure they can complete their portion of the work. - Private Contractors for Large Projects:
While public works often mandate bid bonds, we’ve seen firsthand that private project owners in Idaho sometimes require bid bonds for large or high-risk projects, providing additional security and assurance. - Government Agencies and Municipalities:
We’ve realized that public bodies themselves may request bid bonds from contractors as a standard part of their procurement processes. This includes Idaho’s cities, counties, and state agencies, which frequently use bid bonds to protect public interests and ensure project completion. - Developers on Public-Private Partnerships (PPP):
We’ve been in situations where developers working on PPP projects are required to provide bid bonds when bidding for the construction aspect of the partnership. This guarantees they follow through with the contract if awarded the project.
In our view, these key players need bid bonds to ensure financial security, project continuity, and accountability during Idaho’s construction bidding process. By requiring bid bonds, Idaho safeguards its public projects and minimizes the risk of project abandonment or contractor default.
We provide bid bonds in each of the following counties:
Ada
Adams
Bannock
Bear Lake
Benewah
Bingham
Blaine
Boise
Bonner
Bonneville
Boundary
Butte
Camas
Canyon
Caribou
Cassia
Clark
Clearwater
Custer
Elmore
Franklin
Fremont
Gem
Gooding
Idaho
Jefferson
Jerome
Kootenai
Latah
Lemhi
Lewis
Lincoln
Madison
Minidoka
Nez Perce
Oneida
Owyhee
Payette
Power
Shoshone
Teton
Twin Falls
Valley
Washington
And Cities:
Boise
Coeur d'Alene
Nampa
Meridian
Twin Falls
Idaho Falls
Pocatello
Lewiston
Caldwell
Moscow
Sandpoint
See our Illinois Bid Bond page here.
More on Bid Bonds https://swiftbonds.com/bid-bond/.
Cutting-edge Advice for Navigating Idaho Bid Bonds
We’ve come across practical advice that helps contractors succeed when considering bid bonds in Idaho:
- Understand State Requirements: Based on our experience, Idaho public projects often have specific bid bond requirements. Ensure you meet these to avoid disqualification.
- Choose a Reputable Surety: We’ve consistently found that working with a surety company licensed to issue bonds in Idaho ensures smooth compliance with local laws.
- Prepare Financials: We’ve realized through our work that sureties look at financial strength. Having well-organized financial statements will increase your chances of bond approval.
- Know the Project Scope: We’ve often noticed that understanding the project and its risks ensures that the bond amount is accurate and reflects the project's demands.
Transformative Understanding of a Surety Bid Bond
We’ve personally witnessed that a surety bid bond is more than just a piece of paper; it’s a guarantee. It involves three parties: the principal (contractor), the obligee (project owner), and the surety (bond provider). From our experience, the surety acts as a financial backer, promising that the contractor will comply with the terms of their bid. This arrangement is transformative in Idaho’s construction industry, providing peace of mind to project owners while enabling contractors to compete for large projects.
Visionary Process of How It Works
In our practice, we’ve encountered that the bid bond process starts with the contractor submitting a bid for a project. If the contractor wins, they must then enter into a contract and obtain performance and payment bonds. If the contractor fails to do so, the bond kicks in, and the surety compensates the project owner, up to the bond’s value. We’ve been through the intricacies of this process with Idaho contractors, and we’ve observed that it’s a straightforward but essential safeguard.
Insightful Application for Securing a Surety Bid Bond in Idaho
We’ve identified that getting a surety bid bond in Idaho involves several key steps:
- Prequalification: In our experience, sureties often begin by evaluating your financial standing, work history, and ability to complete the project.
- Submit an Application: We’ve noticed that submitting a detailed application with project specifics is a critical step.
- Financial Review: We’ve come across cases where a thorough financial review, including credit checks, determines your eligibility.
- Approval & Issuance: From our dealings with Idaho contractors, approval typically leads to issuing the bid bond.
We’ve found that each of these steps ensures both the contractor and the project owner are protected, leading to a more secure project outcome.
Inspiring Cost Breakdown of a Surety Bid Bond
We’ve personally learned that the price of a surety bid bond in Idaho depends on the size of the project and the contractor’s financial history. Typically, the bond premium ranges between 1-3% of the project cost. We’ve been able to determine that larger, more complex projects require higher bond premiums due to increased risk. From our perspective, the cost is a small investment when compared to the overall security it provides.
Unconventional Risks of Bid Bond Denial
We’ve observed that there are certain circumstances where a contractor could be denied a bid bond in Idaho:
- Poor Financial Standing: We’ve encountered situations where contractors with inadequate financial records or poor credit history have struggled to secure bonds.
- Inexperienced Contractors: We’ve found that lack of experience in managing large projects may lead to bond denials.
- Unrealistic Bids: We’ve often noticed that submitting unrealistically low bids can lead to concerns from the surety, resulting in denial.
In our dealings with Idaho contractors, it’s clear that preparation and strong financials can significantly reduce the risk of being denied.
Groundbreaking Conclusions on Idaho Bid Bonds at a Glance
Our experience has taught us that bid bonds are essential to Idaho’s construction landscape, ensuring that public projects run smoothly and without disruption. We’ve seen firsthand that from project owners to contractors, everyone benefits from the security these bonds provide. In our professional life, we’ve come to believe that securing the right surety partner and understanding the process is key to success in Idaho’s competitive bidding environment.
