Contract Bonds guarantee that the contractor will fulfill his or her commitment according to specifications in the construction contract.

Types Offered:

• Bid - A surety bond filed by contractors, guaranteeing that in the event a bid is accepted, the successful contractor will sign the contract and furnish a performance bond.
• Performance - A bond guaranteeing that one party (usually a contractor) will faithfully perform contractual obligations to another party.
• Payment - A bond that guarantees an owner (or general contractor) at a construction site that a contractor (or subcontractors) will pay for labor and material to be supplied. It protects the owner or contractor against liens from subcontractors, suppliers or laborers who are not paid.
• Supply - A bond between a supplier and purchaser which guarantees the supplier will furnish supplies or materials as contracted. Should the supplier default, the surety will indemnify the purchaser of the supplies against any loss sustained as a result.
• Maintenance - A bond guaranteeing against defects for a specified time period following the completion of a contract.
  

Characteristics of our Contract Bonds:

• We specialize in dependable standard contractors.
• We have the capacity to meet our clients’ needs with limits of $20 million for single jobs and a $35 million work program.
• We offer competitive rates based on the quality of a client’s financial statement, degree of risk, and frequency of bond use.

Note: Excluded Contract Bonds include those related to Hazardous Waste Bonds, Reclamation Bonds, Completion Bonds and most Subdivision Bonds.

If you would like more information about bonds for your business, please contact us at 800-627-2241.