Bid Bond
From Open Risk Manual
Definition
Bid Bond. It is a Bond, Guarantee, or standby Letter of Credit that accompanies a bid, issued for an amount that is forfeited if the bidder wins the bid but reneges.
Bid Bond. It is a Bond, Guarantee, or standby Letter of Credit that accompanies a bid, issued for an amount that is forfeited if the bidder wins the bid but reneges.