{"id":11873,"date":"2018-01-05T07:43:48","date_gmt":"2018-01-05T07:43:48","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11873"},"modified":"2018-01-06T07:35:36","modified_gmt":"2018-01-06T07:35:36","slug":"bid-bond","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11873","title":{"rendered":"Bid Bond – a type of performance bond filed in public construction projects in order to indemnify the public against the consequences of a bidder’s failure to follow through on the bid"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0 A bid bond is a type of indemnity bond<\/a> and a type of performance bond<\/a>.<\/span><\/strong><\/p>\n

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bid bond<\/span>:<\/span>
\n<\/strong>(1935)<\/span><\/p>\n

1. A bond<\/a> filed in public construction projects to ensure that the bidding contractor will enter into the contract<\/a>.\u00a0 *\u00a0 The bid bond is a type of performance bond<\/a>.<\/strong> [1]<\/span><\/p>\n

1. A bond required of one who bids in the letting of a contract for the construction of a public improvement, the purpose of the bond being to indemnify the pubic body against loss<\/a> resulting form the withdrawal of the bid of the refusal of the bidder, upon the award of the contract to him, to enter into a contract.\u00a0 43 Am J1st Pub Wks \u00a7\u00a7 62, 63<\/span>.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 See responsible bidder<\/em>. [2]<\/span><\/p>\n

1. A bond required of a person who bids on the letting of a contract for construction of a public improvement.\u00a0 The purpose of the bond is to indemnify the public against the consequences of a bidder’s failure to follow through on the bid.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0\u00a0 See letting a contract<\/em>; responsible bidder<\/em>. [3]<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a><\/span><\/strong>.<\/strong><\/p>\n

[1]: Black\u2019s Law Dictionary\u00a0Deluxe Tenth Edition\u00a0by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law Dictionary\u00a0<\/a><\/span><\/strong>with Pronunciations
\n<\/span><\/em>Third Edition<\/span><\/strong><\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]: Ballantine’s Law Dictionary <\/a><\/span><\/strong>Legal Assistant Edition<\/span><\/a><\/em>
\nby Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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