| Webster's Online Dictionary |
| Expressions | Domain | Definition | |
| Bid bond | Business | A type of surety bond wherein the surety company guarantees the bidder will enter into a contract and furnish the required payment and performance bonds. (references) | |
| Bid bond | Economics | A type of indemnity bond. A surety guarantee often required to be established by a bidder to guarantee fulfillment of his offer if accepted. (references) | |
| Bid bond | Finance | A bond submitted with the bid of guarantee that the bid has been made in good faith and the bidder will enter into contract if his proposal is accepted. He will furnish performance and payment bonds; Financial security supplied by a bank to a bidder when the bid is submitted which guarantees that the bidder will not withdraw his bid during the period of bid validity specified on the bid form, will execute the contract form, if required and will supply performance security. If he fails to do any of these the security is forfeit. The security is refundable if the bid is unsuccessful;. Source: European Union. (references) | |
Source: compiled by the editor from various references; see credits. | Top | ||
