
A bid bond is a guarantee that the surety company will provide a performance bond to the owner.
The term Construction Bond encompasses all aspects of bonds used in a construction project from beginning to end. The correct term for Construction bonds is Contract Bonds.
A maintenance bond will guarantee that the completed project will be without defects for a specific amount of time following completion of the project.
A Payment Bond does just what it says. It guarantees payments to those involved in a construction project whether they are laborers, subcontractors, or suppliers.
The purpose of a Performance Bond is to provide a guarantee that your project will be completed by your contractor.
Site Improvement Bonds require improvements to be made to a property.
Subdivision Development bonds require that the contractor make the required mandatory site improvements required by the city on any newly developed property. A claim might arise when the contractor/developer becomes insolvent or simply doesn’t make the required improvements.
Supply Bonds are a guarantee that the supply materials to be used by the contractor are in accordance with the contract in force.