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What are the different types of construction bonds?

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24th Feb 2011 by admint

Types of construction bond:
• Bid Bond – it’s an assurance to the company that is offering the project that you will abide with your stated bid and sign all contracts if the project is awarded to you.
• Performance Bond – it is a bond that assures the company that you would honor what has been agreed upon to complete the project, the price, time frame, and any other things specified in the contract.
• Payment Bond – this is put in place to protect the suppliers and subcontractors in case you do not pay them.

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10th Dec 2009 In Bonds 1 Answers | 768 Views
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