Another name for the Contract Bond is the Construction Bond. The term Construction Bond encompasses all aspects of bonds used in a construction project from beginning to end.
Bid Bonds – A bid bond provides a guarantee that a Performance and Payment Bond will be issued to the contractor if he is awarded the job and that the bid price will be honored.
Maintenance Bonds – Will guarantee that the completed project will be without defects for a specific amount of time following completion of the project.
Payment Bonds – Provide security that suppliers, subcontractors and workers will be paid in the event that the contractor fails to do so.
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 – Required by local authorities to ensure the landowner completes the mandatory improvements to their already developed land.
Subdivision Bonds – Require that new construction sites will have the mandatory improvements completed to their property.
Supply Bonds – A guarantee that the supply materials to be used by the contractor are in accordance with the contract in force.
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