bid bond Meaning in the Cambridge English Dictionary
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Meaning of “bid bond” in the English Dictionary

"bid bond" in Business English

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bid bondnoun [C]

uk   us  
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 ​bidbond is to prevent frivolous ​bidders. A ​bidbond is often in the ​form of a ​financialguarantee from a ​bank or ​insurancecompany.
(Definition of bid bond from the Cambridge Business English Dictionary © Cambridge University Press)
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