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English definition of “bid bond”

bid bond

noun [C]    
an amount of money that a company that makes the lowest bid to do a particular piece of work promises to pay if it then does not do the work: The purpose of the bid bond is to prevent frivolous bidders. A bid bond is often in the form of a financial guarantee from a bank or insurance company.
(Definition of bid bond noun from the Cambridge Business English Dictionary © Cambridge University Press)
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