The bidder or the contractor is usually expected to deposit a certain percentage of the contract order.
Amspex Global LTD will guarantee the project owner on behalf of the bidder during the bidding process that the bidder will take on the contract on the said terms. The bidder or the contractor is usually expected to deposit a certain percentage of the contract order.
The company’s Bid bond will be relatively cheaper and do not tie up cash with the contract. The bidder is expected to assure the project owner that they will undertake the project at the said terms upon winning the bid. If the insured bidder fails to take the contract after winning the bid, the company will pay an agreed amount to the project owner as inconvenience compensation. The project owner must report to the company if the bidder fails to undertake the given contract. This guarantee helps to eradicate cases of frivolous bids and is a guarantee that the principal will agree.