What commonly follows once a contract is awarded in terms of the bid bond?

Once a contract is awarded, the correct procedure typically involves a timeline related to the bid bond, which serves as a guarantee that the selected bidder will enter into the contract and perform according to the terms of the bid. The expectation is that upon awarding the contract, there is a designated period, often around ten days, in which the successful bidder must provide a payment or performance bond. This bond assures the entity that the contractor intends to fulfill their obligations under the contract terms.

This timeline is crucial for ensuring that the contract is formalized without unnecessary delays. It allows both parties to finalize the arrangements and confirms that all required documentation and financial assurances are in place. This makes option B particularly relevant, as it highlights the standard practice of providing a set timeframe for payment or verification of necessary bonds once the contract has been awarded.