Tender Security and Bid Bonds: What They Mean and Why They Matter
Tender security and bid bonds hold immense importance in construction and procurement because they help protect the integrity of competitive tendering. These financial instruments protect the buyer and the bidder in the competitive tendering process and secure both parties from the risk of nonperformance or fraudulent bidding. Although these words are sometimes used in the same context, they are terms with distinct definitions and purposes that every contractor or supplier needs to know. Through this blog, let's dig into the meaning and relevance of tender security and bid bonds. For more updates, Connect with Tender Grid.