About This Policy
Bid Bonds guarantee that a contractor who wins a bid will enter into the contract and provide required performance security. It protects the project owner from wasted selection processes.
What's Covered
If the contractor fails to accept the contract or withdraws their bid after selection, the insurer compensates the obligee (project owner) for losses up to the bond limit. This ensures only serious and capable bidders participate in tenders.
Who Should Buy?
Civil and infrastructure contractors, EPC companies participating in government and PSU tenders, MSMEs and mid-size contractors seeking BG alternatives.