Hello,

  I just wanted to know has anyone ever had to put a bond on a bid? If i'm understanding it you have to bond a bid if the client is paying a certain amount yearly.  Help... I need to know where to go to get more information on this & how could i get a qoute for my bid.

Thanks

Kelly from ICC     

 Hi Kelly,

 I am going to let the commercial folks help guide you, but I wanted to just welcome you to our forums!  I am glad you found us.  

The only bonding I have done involves a small fee paid yearly to satisfy my clients who may be concerned with theft of their home contents.  ;)

Torrey

Thank you so much! And thank you for welcoming me to the site. I was a member since 2000 under a different company & I am happy to return.    

A Bid or "Surety" bond is not an insurance policy. A surety bond is a guarantee of performance bond wherein the contractor is guarenteeing to meet their obligations as stated in the bond/ contract.

It's called a security bond! It's suppose to secure the amount of the total bid . Has anyone ever heard of that and where do i find information about it?  

 There are several types of Surety (security) bonds.....  another type is one that guarentees that you will pay all of your employees and subcontractors therefore freeing the customer from having any leins placed upon them if you were to fail to pay your help.

 What I suggest is that you call for clarification to find out what type of bond this client is seeking you to actually have then call an insurance agent that deals with commercial/ businesss insurances and allow them to find the right fit for you.