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A Supply Bond guarantees faithful performance of a contract to furnish supplies or materials. In the event of a default by the supplier, the surety must indemnify the purchaser of the supplies against the loss associated with securing a new supplier.
- A Bid bond ensures that any bid for the job has been submitted in good faith and that supplies and labor can be provided at the quoted rates.
- A Performance bond is a guarantee against the failure of the other party to meet obligations specified in the contract, and protects the owner from financial loss should there be a problem.
- A Payment bond is an assurance that the main contractor on the job will pay any subcontractors for time and materials spent on the job.