Bid Bond

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A bid bond is issued as part of a supply bidding process by the contractor to the principal. This guarantees that the winning bidder undertakes the contract under the terms at which they bid.

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The bid is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the performance. The bid bond assures and guarantees the principal that should he be successful, he will execute the contract as spelt out

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