Bid Bond Form - City of Chicago, Illinois

Bid Bond Form is a legal document that was released by the Department of Procurement Services - City of Chicago, Illinois - a government authority operating within Illinois. The form may be used strictly within City of Chicago.

FAQ

Q: What is a Bid Bond Form?A: A Bid Bond Form is a financial guarantee provided by a bidder to the City of Chicago, Illinois when submitting a bid for a construction project.

Q: Why is a Bid Bond Form required?A: A Bid Bond Form is required to ensure that if a bidder is awarded the contract, they will enter into a contract and provide the necessary performance and payment bonds.

Q: What are the requirements to obtain a Bid Bond Form?A: To obtain a Bid Bond Form, bidders may need to submit certain financial documents, such as a credit report and bank statements, and meet specific qualification criteria set by the City of Chicago.

Q: How much does a Bid Bond Form cost?A: The cost of a Bid Bond Form can vary depending on the size of the project and the bidder's qualifications. It is typically a small percentage of the bid amount.