Bid bonds are also known as tender bonds. These type of bonds can be a requirement of a tender process. They are provided with a tender by the Contractor to the Employer to satisfy the Employer that they can commit to the bid supplied in the tender.
This bond provides security to the Employer that the bid entered into at tender will be entered into contract and that the Contractor has the financial capability of accepting the contract as per the price outlined in the bid. If a bid bond is supplied and the bid is inaccurate the Contractor will lose the job and the Employer can call in the Bond.
If a bid/tender bond is required you would not qualify for the tender process if you cannot provide a bond. Thomond are here to help you through the process and obtain that bond .
A performance bond normally follows a successful bid bond. If you have been awarded the contract after the bid Thomond can help you obtain your performance Bond. This process will be accelerated in that you have already provided your accounts for the bid bond so it is just a matter of completing an application form to obtain a performance bond quote.
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