“The secret of getting ahead is getting started.”
—Mark Twain
Contract Bonds
Bid Bond
Assures that the contractor’s bid was submitted in good faith, that the contractor intends to enter into the contract at the price bid, and that the contractor will provide the required performance and payment bonds.
Performance Bond
Protects the owner from financial loss in the event that the contractor fails to perform the contract in accordance with its terms and conditions. Most performance bonds cover the workmanship of the project for one year after completion.
Payment Bond
Protects certain specified tiers of laborers, subcontractors, and material suppliers against nonpayment by the contractor. Generally, these claimants may seek recovery directly from the surety company under the payment bond. (Sometimes called a labor and material bond.)
Maintenance Bonds
Guarantees workmanship or materials defects will be remedied within a specified time period.
Supply Bonds
guarantees that supplies will be delivered per terms and conditions of a purchase order.
Commercial Bonds
Notary Bonds
Guarantees the notary will perform duties ethically and in adherence with the law.
License & Permit Bonds
Cover an array of guarantees including performance, maintenance, remittance of taxes and fees, and adherence to the laws, regulations, and ordinances related to the work covered by the license or permit.
Court and Fiduciary Bonds
Guarantee that a person or organization will faithfully perform certain duties or demonstrate financial responsibility for another’s benefit until a final decision is rendered by the courts.
