Bid bond

BID BOND - A bid "performance" bond consisting of a small percentage (1-3%) of the tender contract pric...
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Bid Bond
A type of indemnity bond. A surety guarantee often required to be established by a bidder to guarantee fulfillment of his offer if accepted.
Bilateral Investment Treaty ...

Bid Bond: A small percentage (1% to 3%) of the tender contract price is established as a bid performance bond.
Bid Price: The price that a dealer is willing to pay to purchase a foreign exchange, security, or commodity.

Bid Bond:
A guarantee by a party (usually a bank) on the order of the seller, to pay a part of the bid price (usually 5-10%) as compensation to the buyer should the seller, having accepted the bid by the buyer, ...

Bid Bond. An agreement in which a third party agrees to be liable in the event the bidder fails to sign the contract as bid (if his bid is accepted). A bid deposit is similar, but the bidder must deposit cash or a certified check.

bid bond
bond required of a contractor submitting the lowest bid on a roject. If the contractor then refuses to undertake the project, the bid ond assures that the developer will be paid the difference between the owest bid and next lowest bid.

Bid bonds guarantee that the contractor will sign the contract after it is awarded and furnish the necessary performance and payment bonds within a specified time. Contractors must submit detailed financial data to the surety company to secure a bond.

[NYSE] bid bond Guarantee established in connection with international tenders. Guarantees fulfillment of the offer.

See also: Expense, Bill of lading, Bullet, Letter of credit, Banks