Bid bond


Also found in: Financial.

Bid bond

A form of bid security executed by the bidder as principal.

bid bond

A form of bid security executed by the bidder as principal and by a surety. Also see bid security and surety
References in periodicals archive ?
The Court of Federal Claims (COFC) declined to impute an insurance broker's questionable conduct to a bidder whose bid a contracting officer determined to be nonresponsive because the amount of the contractor's bid bond exceeded the amount authorized by their surety.
In this case arising out of a construction and repair contract at the Fresno Air National Guard Station, Aeroplate submitted a bid bond to cover the value of its apparent winning bid of $7.
6) The COFC went on to address the government's "unclean hands" argument and stated that although the broker knew they were submitting a bid bond that exceeded the surety's authorization, there was no evidence that the bidder knew that the bid bond exceeded the surety's authorization.
We are committed to eliminating bid bond errors, vastly improving efficiencies and providing unprecedented peace of mind for the authentication of surety bonds," John King, Surety 2000 Director of National Programs, said.
3) bid bond must be submitted prior to the deadline for submission of tenders.
4) contributed bid bond in cash to be paid to the bank account Employer
6) In the case of payment of the deposit in a form other than cash, the original document must be submitted bid bond
If the bid documents require a bid surety, vendors submitting bid responses to Jefferson Parish through this site must submit an electronic bid bond through the respective online clearinghouse bond management system(s).
The 5% Bid Bond Shall Be Held For Sixty (60) Days As Part Of The Cash Payment Bond, At Which Time Said Bid Bond Shall Be Returned, Provided Performance Is Satisfactory.
The bid bond must cover the entire period of the bid.
1) a document to transfer the amount of money credited Employer BGK O / Wroclaw 92 1130 1033 0018 7969 3720 0003 (Purchaser shall examine in the course of the examination of bids, or bid bond contributed to the bank account of the Purchaser prior to the deadline for submission of tenders)