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Bid Bond (Federal) - Oregon
Bid Bond (Federal) is a legal document that was released by the Oregon Department of Transportation - a government authority operating within Oregon.
FAQ
Q: What is a Bid Bond?
A: A Bid Bond is a type of surety bond that ensures a contractor will honor their bid and enter into a contract if awarded the project.
Q: Why is a Bid Bond required?
A: A Bid Bond is required by some government agencies and organizations to protect against contractors who may submit a low bid and then refuse to enter into a contract.
Q: Who requires a Bid Bond in Oregon?
A: In Oregon, Bid Bonds may be required by state and local government agencies, as well as by private entities on certain construction projects.
Q: How does a Bid Bond work?
A: If a contractor fails to honor their bid and enter into a contract, the party requesting the bid can make a claim against the Bid Bond to receive compensation for any financial losses.
Q: How much does a Bid Bond cost?
A: The cost of a Bid Bond is typically a percentage of the bid amount, usually between 1% and 5%.
Form Details:
- Released on September 1, 2020;
- The latest edition currently provided by the Oregon Department of Transportation;
- Ready to use and print;
- Easy to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a printable version of the form by clicking the link below or browse more documents and templates provided by the Oregon Department of Transportation.
