Common Contract Bonds

 

Performance Bonds: Help guarantee that a contractor will complete a project according to the terms and conditions of the contract.

 

Payment Bonds: Help guarantee that subcontractors, laborers, and suppliers are paid for work and materials provided for the project.

 

Bid Bonds: Provide assurance that a contractor will honor its bid and provide the required performance and payment bonds if awarded the contract.

 

Maintenance Bonds: Help guarantee a contractor’s workmanship for a specified period after a project is completed.

 

Supply Bonds: Help guarantee that a supplier will provide materials, equipment, or other goods according to the terms of a contract.

 

Subdivision Bonds: May be required of developers to guarantee completion of public improvements such as streets, sidewalks, utilities, and drainage systems.

 

Site Improvement Bonds: Help guarantee completion of required improvements to an existing property or development site.

 

Completion Bonds: Help provide assurance that a specified project will be completed according to contractual requirements.

 

 

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