Bill Blass is accepting bids for construction of a new office building on his centrally-located property. Blass wants to be certain that he is protected in the bidding process so that if the selected construction firm backs out after acceptance but before construction, he is compensated for the delay in finding a new contractor. Blass needs:

Question

Quizplus · Accepted Answer

A bid bond ensures that the bidder on a project will enter into the contract and provide the required performance and payment bonds if awarded the contract, protecting the project owner if the winning bidder fails to honor the terms of the bid after being selected.

Bill Blass Is Accepting Bids for Construction of a New