by Guest » Mon Feb 06, 2006 05:10 am
I am inviting bids for reconstructing a commercial property that I have. I realize, there is a bond that would coat the contractors commitment to complete the agreed job. This has to be there in my bidding process. What sort of bond should I ask for?
Posted: Mon Feb 06, 2006 05:51 am Post Subject: Performance bond
While opting for a bond you should always go for a Performance Bond. This bond guarantees that a contractor would definitely do his job in accordance with the terms of the contract.
Posted: Mon Feb 06, 2006 06:53 am Post Subject: Get yourself convinced
Hi
This is to inform you, that a bidding process might be expensive,
depending on the value of a project. You should first look for bidders who
would post a bid bond that ensures their taking the job in accordance with
their bid and then need a performance bond. You need to be convinced, that they have CGL insurance, workers compensation, etc. in place.
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