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Bid Bond – A type of contract surety bond. It is a three-party agreement between the Principal, the Obligee and the Surety. The bond confirms that if the contractor is the low bidder, they will enter into a contract for the bid. The bond acts as insurance to protect the Obligee, and compensates for the costs on rebidding a project if the Principal does not contract.

Get to know more about Bid Bonds at Swiftbonds.com

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