The agents at Black Bear will work with you to pair your company with a good surety company to back up this bond. If a bid bond is required for a bid you are working on, then contact our office. The bond works so that if the obligee awards the contract and the bidder refuses to perform the work (for example, because of an error in bid calculation) or furnish the additional required bonds, the bid bond will guarantee to the obligee payment for the difference between the amount of that bid and the bid of another which is accepted. The bid bond is provided by the surety which will ultimately furnish the additionally required bond. Thus the surety underwrites the bid based on the concept that it will eventually have to “bond the job.”