A bid bond offers protection to an owner or developer during the construction bidding process. It may be required for contractors to provide a bid bond as a show that the bidder is serious about entering a contract based on their bid. Should the contractor fail to honor the bid, the bond ensures the owner/developer will receive compensation for the failure to peform the work bid upon.

If you are in need of a bid bond, contact an insurance specialist at Dickinson Insurance today to answer any questions about Bid Bonds, or for a free application.

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