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Bid Bond or Bid Security

This type of bond is issued in respect of tenders for contracts with public or private institutions where contract for a project was about to be awarded to bidding contractors (Bidders).

The main purpose is to guarantee that the bidder or proposer (contractor) would if awarded the contract enter into it and would also bring the prescribed performance bond to back up the award.

The amount of liability under bid bond is usually far less than the liability under the contract work which is being bidded.

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