In: Civil Engineering
Which of the following is an instrument to limit the Owner's risk that the contractor will be unable to complete the project?
A | Bid bond |
B | Surety bond |
C | General liability insurance |
D | Hazard insurance |
Option A is correct.
Bid bond is a debt secured by a bidder for a construction job or similar type of bid based selection process, for the purpose of providing a guarantee to the project owner that bidder will take on the job if selected