What is the Purpose of Bid Bonds?

What is the Purpose of Bid Bonds?

Purpose of Bid Bonds?
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A bid bond is a secured document signed by a bidder for a construction work or alike jobs for the purpose of extending a guarantee to the project owner that the former will undertake the task on the job if chosen.

Everyone used to follow it as it is the easiest process. With an advent of technology, nowadays it goes digital or electronic. The exciting world of bid bonds allows the users to grab an opportunity to work on public jobs.

These are issued in the amount mentioned prior in the bid invitation. As the general specifications, a security equals to 10% to 20% of the bid amount is charged. And some contractors charge a pre-decided (fixed) value, regardless of the proposal amount.

No, the candidates are not required to show the same amount of cash to qualify for the bond. The selection is based on the total financial picture.

If you turn out to be a second or third bidder, your security is held till the contract is awarded so as the selected candidate has the option to transfer you the project as and when required or wished.

These instruments come with a contractor’s proposal at an acquisition time of a new project. It is a routine task on public work, such as local municipal contracts or federal state jobs. The process may also be used on private platforms at the discretion of contract proprietor.

The bond serves a guarantee that if awarded, the bidder will agree to the contract, and provides the required payment and performance bonds to commence with the work. The cost is usually free, but the surety is to be charged for them. The normal charges could be an annual bid bond service fee.

In case the bidder is not up to the desired mark as compared to next bidder or without a credible explanation, the surety can decline the final bond at any time resulting in a bid bond claim.

Apart from a bid bond, a bidder needs to present the security in the form of cashier’s check or irrevocable letter of credit, depending on the will of the project owner. The invitation defines the requirement of the proposals.

So here you have everything about the bid bonds. Let’s make it work great again. These instruments are a bit complex, but if executed properly and filed on time could be really helpful.

The crucial point is to review the written bonding requirements as discussed in the bid advertisement. Use the stipulated terms and crosscheck the document comprising the name, job description, project protocols and the right bid amount.

You’ll start loving bid bonds once you’re aware of each and every term related to it. For more information and expert advice, click here.

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How Outsourcing Your Marketing Decisions Will Enhance Your Company

Keep up or get left behind with marketing
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There have been many recent breakthroughs in regards to how companies are handling their marketing. There are many different marketing segments, including; outsourced marketing, inbound marketing, SEM content marketing, and local area marketing, among others. With so many choices, it can be tough for a company to decide what to focus on. Companies are required to be more innovative than ever before in order to stand out from the competition. Many companies are choosing to outsource their marketing in order to save time and money.

Outsourcing the marketing allows companies to look at things in a different way.Outsourced marketing companies are equipped with the research capabilities to support a marketing campaign. Having your employees participate with the skilled talent from an outsourced marketing company will enhance your company by helping your employee's improve their overall marketing skills.

Using outsourced search engine optimization to your advantage can give you an edge over the competition and force them to adjust. You will see an increase in revenue because an outsourced marketing company can deliver your products to your customers in an affordable manner. An outsourced marketing company will make custom edits based on what your company's marketing department requests. By collaborating with the outsourced marketing company, the staffing requirements for your company will be reduced and you will save money. Your company will be building a great foundation for any of your future marketing campaigns.

Your office overhead will be impacted, as you will be saving money on office, computer, and supply costs. Outsourcing also allows you to minimize any vendor inconsistencies. By outsourcing the marketing, that will leave the management team free to focus on other important issues within the company.

An outsourced marketing company can help you identify where you stand in the marketplace. They can help you determine your market size, trends, and any changes within the market. An outsourced marketing company can help your company establish its reputation in the marketplace.

Once you have the understanding that your products serve a purpose and benefit your customers every day, relying on an outsourced marketing company can help your company improve the successful campaigns and create even more benefits for your customers. There are plenty of ways that an outsourced marketing company can help and provide value to your shareholders. Increasing shareholder value is important in regards to the long term success of the company.

The best marketing campaigns are made up of marketers that have different talents and abilities. You'll need a web designer, content manager, copywriter, and search engine strategist, among others. These talented individuals are in demand. By relying on an outsourced marketing company, you can reduce your company's overhead. They will provide you with the flexibility to manage your cash flow.

Marketing provides a key opportunity to generate growth. With a talented group of individuals influencing your decisions, you will have the confidence that you need to succeed as the Chief Executive Officer of your company.

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How To: Resume Template

For College Students
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First name, Last name (Times New Roman, 30)

Address | City | State | Zip Code | Phone number | Email (Times New Roman, 12, Bold)

_____________________________________________________________________________

CAREER OBJECTIVE (All Caps, Times New Roman, 12)

I am a second year (University name) student pursuing in a (Major) degree minoring in (Minor). Aiming to use my knowledge of (Skills) to satisfy the (Job type) at your company. (Times New Roman, 12)

EDUCATION

University name, City, State (Bold)

Bachelor of Major, Minor in Fashion Merchandising (Bold) May 2020

GPA: 3.7/4.0 (Bold)

Relevant Coursework (Bold): Microeconomics, International Marketing, Organizational Leadership, Business Ethics

WORK EXPERIENCE

Company name, City, State 2016- Present

Job Position (Italics, Bold)

  • Run company’s errands to post office and office supply store
  • Answer calls from customers regarding their inquiries
  • Prepare and modify documents including correspondence, reports, drafts, memos and emails
  • Schedule and coordinate meetings, appointments and travel arrangements for Managers
  • Maintain office supplies for department

Company name 2, City, State 2015-2016

Job Position (Italics)

  • Serve as the first point of contact to customers.
  • Greet and seat guests.
  • Check guests out on the cash register.
  • Ring up customer orders, process payments, and issue change and receipts.
  • Assist servers with clearing and setting tables, and taking drink orders.

HONORS & AWARDS

List out awards. Example: Dean's List,

CLUBS

Black Student Union, Student Activities, Culinary Club, Phi Eta Sigma

VOLUNTEER

Homeless Outreach, Student Mentors, The Red Cross

Cover Image Credit: Dreamstime

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