Question: Bid Bond:For a recent project to expand our chemical processing facility, we asked all bidders to submit a bid bond. The bond was set at

Bid Bond:For a recent project to expand our chemical processing facility, we asked all bidders to submit a bid bond. The bond was set at 5%. This helps make sure that the contractor is serious about their proposal. It protects us, as the owners, in case they decide to back out of the project.

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