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IFMA CFM Exam - Topic 6 Question 13 Discussion
Topic #: 6
Which bond is returned to contractors who submit unsuccessful proposals?
A bid bond (Option B) is submitted as part of the contractor's proposal and is returned to unsuccessful bidders after the selection process.
Why Option B is Correct?
A bid bond guarantees that the contractor will enter into the contract if selected.
If the contractor fails to sign the contract, the bond is forfeited.
Unsuccessful bidders receive their bid bonds back after the award decision.
IFMA's Project Management Core Competency highlights contractor selection and financial guarantees as key FM responsibilities.
Why Other Options Are Incorrect?
Option A (Performance Bond): Guarantees project completion but is only required from the winning contractor.
Option C (Retention Bond): A portion of the contractor's payment is withheld until project completion, but this does not apply to unsuccessful bidders.
IFMA Core Competency: Project Management -- Understanding contractor bonding and financial guarantees.
Source: IFMA Construction Management Guide (IFMA, 2023).
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