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  #1  
Old 02-26-2008, 02:41 PM
BLC1 BLC1 is online now
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Bid Gurantee

I went to a prebid meeting this morning and ran into something I haven't seen before. In the package it states you must write a check for 10% of your bid amount for a bid gurantee. Why am I writing them a check??
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Old 02-26-2008, 03:00 PM
2 clowns mowing 2 clowns mowing is offline
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bid

to show them you want the job and most likely they will keep it as extra
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Old 02-26-2008, 03:04 PM
abuckeye abuckeye is offline
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You should be able to use a bid bond as well. I have one now I am working on that requires a bid bond.
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Old 02-26-2008, 03:47 PM
BLC1 BLC1 is online now
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Yeah, I could also use a bid bond. What is the difference in just sending in a check and sending in the bid bond?
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  #5  
Old 02-26-2008, 03:51 PM
BLC1 BLC1 is online now
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They will keep the amount of all the different companies submitting bids? That doesn't seem right.
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Old 02-26-2008, 05:54 PM
Scagguy Scagguy is offline
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I could see obtaining a performance bond, but putting up 10% of the amount? Nope....don't think so.
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  #7  
Old 02-26-2008, 06:31 PM
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grass-scapes grass-scapes is offline
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Quote:
Originally Posted by BLC1 View Post
They will keep the amount of all the different companies submitting bids? That doesn't seem right.
They only keep yours. When your contract is finished, it is returned to you...maybe with interest. It is a "guarantee" that you do what you say in your contract with them. If you drop the contract, they keep it to get the work done from someone else.
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Old 02-26-2008, 06:46 PM
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LawnGuy73 LawnGuy73 is offline
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Quote:
Originally Posted by grass-scapes View Post
They only keep yours. When your contract is finished, it is returned to you...maybe with interest. It is a "guarantee" that you do what you say in your contract with them. If you drop the contract, they keep it to get the work done from someone else.
Bingo, this is pretty common with large real estate companies.
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  #9  
Old 02-26-2008, 06:48 PM
BLC1 BLC1 is online now
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Gotcha. that sounds a little better. I'll check to see if I'm getting some interest on that.
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