When To Use
Use A310™ when the bidding documents require contractors to submit a bid bond as part of a competitive bid, increasing the contractor’s bid attractiveness by ensuring bids are genuine commitments.
What It Does
A310 provides the standard bid bond, guaranteeing that if awarded the project, a contractor will execute the contract and provide any required performance and payment bonds.
The surety is liable for the cost difference if the winning bidder fails to proceed. It establishes the maximum penal amount that may be due to the owner if the selected bidder fails to execute the contract or fails to provide any required performance and payment bonds.
