Four Myths About Bid Bonds And The Truth Behind Them
A bid bond is a surety bond that you may be required to obtain before bidding on certain projects. If you've never bid on a project that required a bid bond, you may be wondering how they work. While talking to friends or other contractors, you may have heard some myths about these bonds. Here's a look at some bid bond myths and the truths behind them. 1. Myth: Bid bonds only protect the project owner.