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The selected bidder refuses to execute the contract or furnish required bonds. What AIA A701 purpose of bid security is implicated?

Correct Answer

B) Protect the Owner from the bidder's failure to honor award obligations

A701 bid security protects the Owner when the selected bidder fails to meet award obligations.

Answer Options
A
Certify the monthly payment amount for completed construction, and use that shortcut to decide the bidder requirement, and use the closeout checklist as the governing document
B
Protect the Owner from the bidder's failure to honor award obligations
C
Replace the contractor's construction schedule after mobilization
D
Approve shop drawings for general conformance, while making a field preference override the written process

Why This Is the Correct Answer

A701 bid security protects the Owner when the selected bidder fails to meet award obligations.

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