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A bid bond is an indemnity bond where it waives the right of the offeror to go back on his proposal once it has been given to offeree. Also through this bond a public agency is protected in case the bidder withdraws his bid before contest or declines to enter into contract on its acceptance.

It must be distinguished from earnest money which is for the purpose of showing seriousness to participate in the bid. It is commonly called token money.

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