Contract Surety Bonds

Contract surety bonding protects a project owner from financial loss should the bonded contractor fail to fulfill the contract in accordance with it's terms and conditions. Performance bonds are usually packaged with payment bonds. 

Bid Bond

Provides financial assurance that the bid has been submitted in good faith, that a contractor will enter into a contract at the amount bid, and will provide the appropriate performance and payment bonds. These bonds are used by obligees (project owners) to pre-qualify contractors submitting proposals. 

Performance Bond

Guarantees performance of the terms of a contract. These bonds frequently incorporate payment bonds (labor and materials) and maintenance bonds. Bonding ultimately aims to protect the project owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.

Payment Bond

Covers payment of subcontractors, laborers, and materials suppliers associated with the project. Payment bonds are issued for the protection of those supplying labor or materials to a particular bonded project.  

Maintenance Bond

Guarantees upkeep (maintenance) of the completed project for a specified period of time after completion. These bonds protection from defective workmanship and/or materials. 

Supply Bond

Also referred to as a material supply bond is essentially a performance bond except rather than guaranteeing completion of a particular project the obligation is for the supplier to fulfill a materials procurement agreement at the price offered for the term of the agreement.