For contractors, a contract bond is often essential for bidding on a public job. There are various types of contract bonds.
Contract Bond Types:
- Performance Bond.
- Payment Bond.
- Bid Bond.
- Maintenance/ Warranty Bond.
Contract bonds provide the financial assurance that the contractor (principal) will construct a project for the project owner (obligee), and will:
- Perform the work according to the contract.
- Pay certain subcontractors and laborers.
- Pay material suppliers.
Is obtaining a bond preventing you from bidding on a contract?
Do you have questions about how to obtain a bond?
We are here to answer your questions about contract bonds. Contact us today.