Construction bonds are a general classification of surety bond used in the construction industry. It guarantees that the principal (the contractor) will complete a project according to the terms of their contract. If they do not for any reason, the surety company will have to pay the obligee (the project owner) for their losses. There are three primary types of construction bonds: Continue reading Which Construction Bond is Best for You
Contract bonds are a requirement for bidding on public and private projects across the United States. Similar to other types of surety bonds, constructions bonds are a three-party agreement between the contractor (who needs the bonding), the entity requiring the bond (the project owner or obligee), and the surety (that underwrites the bond). Continue reading How Construction Contract Bonds Work
In the construction industry, most development projects, especially government projects, require surety bonds for companies even for preliminary bids. In today’s competitive construction market, acquiring construction surety bonds can help an organization get ahead of competition. Continue reading How Important Are Construction Bonds?
Construction projects cause lot of worry to the project owners. Most project owners reduce their worries by hiring a contractor to work on the construction project. To involve a contractor in any construction project, the project owner demands a construction bond from the contractor. A construction bond protects both the contractor and the project owner from any kind of risk. Continue reading Infographic : Risk Transfer with Construction Bonds
Construction bonds may be required for contractors doing a project. This bond protects both the company and the client. There are various kinds of construction bonds: Continue reading Types of Construction Bonds