A surety bond ensures contract completion in the event of contractor default. If the case of default, the surety company finds another contractor or compensates the project owner.
There are four types of surety bonds:
- Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
- Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
- Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
- Ancillary Bond: Ensures requirements are performed that are integral to the contract but not directly performance related.
Work with our team to find the ideal surety bond for your contract.