Also known in the industry as a Contractor Bond, a Construction Surety bond guarantees that a contractor will complete the project in accordance with contractual commitments.
Often, a single project will require multiple bonds to guarantee the job from bid to completion. To define the most common construction bonds, Move your cursor over each one below.
Assures the winning contractor or sub-contractor will engage in the job at the price bid and provide services in accordance with their bid. It may also guarantee that the contractor can obtain the necessary performance and payment bonds prior to beginning the job.
Promises the contractor will pay all suppliers, subcontractors, and laborers for work completed on the project. Often, payment must be made at set intervals over the life of the project.
Promises the contractor will perform the job in accordance with the contract terms and conditions.
Also called a warranty bond, it is a promise that any material or workmanship defects discovered in the original construction will be repaired during the warranty period.