Bid bond

A bid bond is issued as part of a supply bidding process by the contractor to the project owner, to provide guarantee, that the winning bidder will undertake the contract under the terms at which they bid. ^[1]

5 relations: Construction bidding, Contract, General contractor, Performance bond, Surety bond.

Construction bidding

Construction bidding is the process of submitting a proposal (tender) to undertake, or manage the undertaking of a construction project.

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Contract

A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies.

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General contractor

A general contractor (main contractor, prime contractor) is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of a building project.

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Performance bond

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.

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Surety bond

A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract.

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Bid Bond.

References

[1] https://en.wikipedia.org/wiki/Bid_bond

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