Question
What are the different types of construction bonds?
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24th Feb 2011 by admint
Types of construction bond:
Bid Bond its 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.
Types of construction bond:
Bid Bond its 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
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Subjects: construction bonds,