The below article is a great introduction to bid bonds. Quote bonds, as you know, are bonds used in the building and construction industry. These bonds guarantee that if somebody quotes on a project, and is awarded the agreement, then they will go forward...
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The below article is a great introduction to bid bonds. Quote bonds, as you know, are bonds used in the building and construction industry. These bonds guarantee that if somebody quotes on a project, and is awarded the agreement, then they will go forward with performing under the terms of the arrangement. See the below post for more great details. You can see the original post here: https://swiftbonds.com/bid-bond/Arizona-2/ Arizona Bid Bonds What is a Bid Bond in Arizona? A bid bond is a type of surety bond, that guarantees that the bidder will accept the project and complete the contract according to its terms. The bid bond provides assurance to the project owner that the bidder has the expertise and wherewithal to finish the job once the bidder is selected after winning the bidding process. The basic reason is that you need one in order to get the work. However, the larger question is why are more owners/developers requiring a bid bond? The simply explanation is risk. Given the unc
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