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Contract Bonds

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Contract bonds are used to guarantee that the terms of a contract are fulfilled and, in the construction industry are commonly referred to as construction bonds.

Very common in the construction industry, these bonds give a contract owner recourse for financial compensation (or other stated provisions) if the contract is not met. Contract surety bonds are a standard in government construction contracts.

This type of bond is required for general contractors, subcontractors, tech companies, and any company working on a project where a bond is outlined in the contract. Issued on a project-by-project basis, construction bonds ensure contracts are fulfilled. 

How do contract bonds work?

Before entering a public works project, a contractor will purchase the required contract bond or bonds through a bonding company and submit them to the project owner."

There are three entities involved in construction surety bonds:

  • The principal (the contractor purchasing the bond)
  • The obligee (the project owner requiring the bond)
  • The surety (the bonding company issuing the bond) 

Performance and Payment Bonds

Performance and payment bonds are types of contract surety bonds that are used to ensure all principals (contractors, subcontractors) involved with a construction project are dutifully paid as per the contract by the Obligee person or entity.

These bonds ensure that construction professionals get fairly compensated for meeting deadlines and performing work that meets state regulations and standards.

The Simple Bonding Process

View your price or request a free quote
Discover unbeatable value with coverage options tailored to your needs.
Sign your contract and pay the premium
Seal the deal and ensure protection and peace of mind for your business.
Receive your surety or fidelity bond
Expect a speedy turnaround. Our typical turnaround time is 24 hours or less.
Have Questions? Call or Contact Us for a Quick Quote

Contract Bond Resources

Getting a Surety Bond: Everything You Need to Know

People who work in a variety of industries—including immigration consultants, tax preparers, contractor services, and many others—need to get bonded. But not all bonds are created equal. This guide covers the most important things you need to know about getting the right surety bond to meet your business needs and what that bond really means.

Learn More About the Steps to Secure a Bond
Understanding Surety Bond Costs

Whether you're getting a surety bond for the first time—or getting different policies as your business grows—it’s important to understand how bond costs work. The rate you pay for a surety bond is known as the premium, and its amount depends on a variety of factors that are explained in this guide.

Learn More About the Cost of Surety Bonds