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Contract Bonds

Contract Bonds: Bid Bonds, Performance Bonds, & Payment Bonds

Bid bonds, performance bonds, and payment bonds are used primarily in the construction industry for project-based work. 

  • Bid Bonds are designed to protect the property/business owner from financial loss if the contractor does not follow through on the bid.
  • Performance Bonds are designed to protect the property/business owner from financial loss if the contractor does not fulfil the terms of the contract.
  • Payment Bonds are often referred to as labor/materials bonds. They are used as a guarantee that those supplying labor or materials to a construction project will be paid.

Bond Insurance

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