Your Bid Is BUSTED!

Contractors put so much effort into the bidding process. And yet, there is one thing that can cause the bid to be thrown out, BUSTED! All that effort is wasted. For contractors pursuing public works projects (city, state, and federal), bidding is how they acquire new jobs. A lot goes into creating the project proposal. The estimating, subcontractor pricing, materials, insurance, it all takes time. When their bid is busted, they lose the time and expense dollars plus the revenues are unrealized. That's a huge drain management must avoid. The Process Almost without exception, public works projects require bid security to accompany the proposal - usually issued in the form of a Bid Bond. The contractor uses a Bond Request Form to notify the surety of the upcoming bid event. They state an estimated contract price (ecp) on the bond request form, which is the focus of the underwriting decision. It is the approximate expected amount for the Performance Bond that follows when the contract is awarded. JcaWZwc9
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