A bid bond will compensate an owner for damages if a contractor fails to perform at bid price.

Name: A bid bond will compensate an owner for damages if a contractor fails to perform at bid price.
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A bid bond is a type of surety bond that guarantees that a contractor will enter into a contract with the owner at the bid price. If the contractor fails to do so, the owner can make a claim on the bid bond to recover damages.

A Bid Bond Will Compensate an Owner for Damages If