The Significance of Bid Security in Procurement Management
Update: 2023-09-08
Description
Bid security, also known as a bid bond, is a crucial component in the procurement process. It serves as a guarantee that bidders will fulfill their obligations if awarded the contract. The purpose of bid security is to ensure that only serious and capable bidders participate in the procurement process. By requiring bid security, procurement professionals can mitigate risks and safeguard the interests of the procuring entity.
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