Bid Bond or Bid Security definition

Bid Bond or Bid Security means a form of security assuring that the bidder or offeror (a) will not withdraw a bid or offer within the period specified for acceptance and (b) will execute a written contract and furnish required bonds and insurance within the time specified in the solicitation, unless a longer time is allowed on the prescribed forms.

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Examples of Bid Bond or Bid Security in a sentence

• BID BOND / BID SECURITY The Contractor shall obtain a Bid Bond or Bid Security in the amount indicated to the right.

• PART G ARTICLE 27 BID BOND / BID SECURITY The Contractor shall obtain a Bid Bond or Bid Security in the amount indicated to the right.

• The Contractor shall obtain a Bid Bond or Bid Security in the amount indicated to the right.