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. These bonds include:
Bid Bonds primarily a guarantee that the contractor will honor their stated bid price for the project. Bid bonds also serve as a guarantee to contractors that they will be issued Performance and Payment bonds when they are awarded the project.
Maintenance Bonds insure that the project was done in accordance to the appropriate government standards and also acts as a warranty against potential defects in the completed project for an agreed up time period.
Payment Bonds are guarantees that in the event that the contractor fails to pay subcontractors, suppliers and/or workers they will still be paid.
Performance Bonds guarantee that the contractor will complete the project. No financial loss will be accrued by the project owner if the contractor fails to complete the project to the specifications of the owner.
Site Improvement Bonds refer to the upgrade of existing properties to current standards and that all aspects of this improvement is done within the appropriate government regulations.
Subdivision Bonds are for the improvements to new properties or projects and these improvements will be completed.
Supply Bonds are a guarantee that the contractor will only use the material in the project that is specified in the contract.
See Contract Bonds
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