A bid bond is a bond that is provided along with your proposal at the time of the bid opening. It is usually 5% or 10% of your estimate and guarantees to the Owner/GC that if you are low bidder and awarded the project a Performance and Payment bond will be provided to them. No payment is required for bid bonds.
Typically 100% of the contract and guarantees to the Owner/GC that the project will be completed according to the contract terms and that all the bills to sub-contractors or suppliers will be paid. A premium is charged for a Performance and Payment bond.
Bonds provided to the City or County to guarantee you comply with the local codes and the regulations of that particular city or county. Sometimes a license bond or permit bond is required to work in a certain city or county. This is just a small sample of the type of surety bonds in Florida that we can provide. We provide financially responsible officer bonds, subdivision bonds and court bonds to name just a few more! Specializing in bid bonds in Florida, performance bonds, license bonds, permit bonds and much more!