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Bid Bond.The purpose of a bid or bidders bond is to esentially qualify the contractor for a specified amount and to ensure that if the contractor should win the bid that he/she/they will enter into the contract in which they bid. Bid bonds are usually a percentage of the total bid. The most common range is between 5% and 10% of the total job. Thus, the penal amounts vary. Once a bid bond has been issued, the same surety is likely to issue the payment or performance bond if the job is awarded.
Bidders Bond.Depending upon credit this bond ranges from 1% to 10%
($125 minimum bond fee applies).