The Many Advantages of Surety Seven's Bid Bonds
Srivastava
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Bid bond are beginning to acquire traction in the Indian market. We refer to this kind of bond as a contract bond. When making a bid on a project, contractors, dealers, suppliers, manufacturers, and so on must have it. Even in the unlikely event that the contractor wins the bid, a bid bond guarantees that they will have the money needed to complete the job. By using these bonds, the contractor guarantees to the project owner that they will finish the required paperwork and begin construction on the project for which they have submitted a bid. Usually, the bond amount is less than half of the asking price.
