How does this work? If I get a 3rd party insurer/agency to provide/issue a bid bond, I assume I have to pay for that. If I do not win the job will the 3rd party refund what I paid for the bid bond? I assume not but I had someone tell me I would get a refund.
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Bid And Performance Bonds
Michael Silva
Feb 09, 2019This article provide a good description of both bid bonds and performance bonds and how they work together. It is rare to see bid bond/performance bond requirements on most security/surveillance projects, but some government jobs do require them.
As far as I know, fees paid for bid bonds are not refundable, and just part of the costs involved in going after these types of jobs. (The article above indicates that bid bonds from this provider may be free - but I'm sure there is a catch...)
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