Can Bad Credit Score Stop You from Getting a Bid Bonds? (Part 2)
Posted: June 30, 2019
Welcome to Bid Bonds and the Importance of Credit Score (Part 2). When a bid bond requirement is made for a project it keeps contractors from submitting frivolous bids and helps project managers to feel secure in the contractor choice. Bond issuing companies do a full and comprehensive credit and financial review before they will provide a bond for any company. During the bidding process contractors submit what they think it will cost to get the job done. What this means is that usual standard process is that the bonding company will pay the owner the difference between the lowest and next lowest bids.
If you haven't seen this, be sure to check out Part 1. https://youtu.be/MHUobqDrxn0
Questions about obtaining a Bid Bond for a project you're working on? Call Tom at 888-973-0016 or Check out our website www.FarmerBrown.Com for the option to chat online with our 24/7 Experts.