A Louisiana bid bond is a surety bond that guarantees a bidder's commitment to the job and its completion per a project's terms. It ensures that the contractor has the expertise and resources necessary to finish the project once you win the bid after the bidding process. You need a surety bond to get the job done, but why do more owners/developers require one? The answer is a risk. The primary reason is risk since you need a surety bond. Because contractors have gone out of business and municipalities have filed for bankruptcy (or are slow paying), owners are concerned that their contractors will be unable to finish the job. Therefore, they require some protection.
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