What is typically required from a contractor after winning a bid?

Fulfilling the requirements after winning a bid usually involves the submission of a bid bond, which serves as a form of security and assurance that the contractor will undertake the project as agreed. A bid bond is a financial guarantee that protects the owner against the risk of a contractor backing out of their bid or failing to fulfill the contract terms after being awarded the job. This requirement helps ensure that contractors are committed and financially stable enough to carry out the work they proposed.

While starting work immediately or negotiating contract terms might be part of the process, they are not universally mandatory after a bid is won. Additionally, while providing a construction schedule is important for project management, it usually comes after the initial bonding and contract formalities are completed. Hence, a bid bond is indeed a typical and essential requirement in the bidding process for contractors.