Is a bond which provides financial assurance that the bid has been submitted in a good faith, and that a contractor will never enter into a contract at the amount of the bid. It will provide the appropriate performance and payment bonds. These bonds are use by the project owners to pre-qualify contractors submitting proposals.
A performance bond guarantees performance of the term of a contract. These bonds frequently incorporate payment bonds such as the labor, materials and the maintenance bonds. Bonding ultimately aims to protect owner from financial loss should the contractor fail to perform the contract in accordance to the term and conditions.
A Payment bond covers all the payments of the subcontractors, Laborers,and the materials that the suppliers associated with the project Payment bonds are issued for the protection of those that supply the labor or any of the materials to a particular bonded project.
A Maintenance Bond is to guarantee the Maintenance and up keeping of the completed project for a specified period of time after the project is completed. These bonds protect from defective workmanship and or from any materials.
License and Permit Bonding
License and permit bonds are also referred to as a commercial surety bond. These are guaranteed that they will protect the
public and are required throughout the country based on your industry and location.