Click the link below to download a PDF bid bond request form. This is for all existing customers of Surety 1 to use when requesting a bid bond. Fax or e-mail the request form to Surety1 and a representative of the company will contact you.
A bid bond is the precursor to performance and payment bonds. An owner (Obligee) will require a bid bond on an open bid project. The bid bond provides assurances to the obligee that the successful bidder will enter into the contract and provide the required performance and payment bonds. If the successful bidder does not enter into the contract, the bid bond may pay the obligee the difference between the successful bidder and the next highest bidder.
Even though bid bonds are only 5% to 20% of the bid amount, the surety will underwrite the risk like it is a full contract as the surety must be prepared to provide the required 100% performance and payment bonds if the the contractor is the successful bidder