Do you need a contract Bond?

For contractors, a contract bond is often essential for bidding on a public job.  There are various types of contract bonds.contract bond

Contract Bond Types:

  1. Performance Bond.
  2. Payment Bond.
  3. Bid Bond.
  4. 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.

Tags: , , , , , ,