Primarily used in a construction setting at the tender stage, a bid bond provides assurance by the surety to the project owner that the bidder will enter into the contract at the price tendered, should they be successful in their bid. Contractors generally prefer bid bonds to other deposit methods because they do not involve cash or bank credit.
An agreement to bond, also commonly referred to as a consent of surety, provides assurance to the project owner that if the contractor is awarded the job and signs the contract, the surety will provide the performance bond and payment bond required in order to commence with the project.
Since our foundation in 2009, Ferrari & Associates has been handling bid bonds and agreements to bond for our clients, allowing them to successfully lift their projects off the ground. Our bid bonds allow our clients to leverage their endeavours in an atmosphere of trust, security and confidence, ensuring that those first steps toward project completion are positive ones. To learn more about bid bonds and agreements to bond, and to discover how Ferrari & Associates can work with you on your next bid, connect with us today at one of our two convenient locations.