Contractors typically are required to present three types of bonds on a construction project.Bid bonds ae commonly required of a contractor in a competitive bid situation.Performance and Payment Bonds are required on most federal projects nd are common on private projects as well.
Bid Bond
Bid bond guarantees that,if the contractor is awarded the job,it will agree to perform the work at the price quoted and will provide additional bonds asrequired by the construction contract. If the contractor declines to enter into a contract to perform the work agreed upon price ,the surety that issued the bond will reimbursee the obligee the difference between the defaulting contractor’s bid and the next lowest bid,up to the bid bond penal amount.
Performance Bonds
A performance bond guarantees that the contractor will perform the work in accordance with construction contract and related documents,thus protecting the owner from financial loss up to the bond limit in the event the contractor fails to fulfill it’s contractual obligation.
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Payment Bond
The contractor is responsabile for contracting for all the materials and labor needed for the project and for paying for such materials and labor in accordance with contract provision.The payment bond guarantees that the suppliers and subcontractors will in fact be paid for materials and labor furnishedto the contractor.The ultimate purpose of the payment bond is to guarantee the owner delivery of the project that is free of liens.
License Bond
Prior to contractors license to be issued , the contractor is obligated to show operational income of $2500 and submit a $15000 license bond. the bond can be purchased through Pacific First Insurance Service at the price of $112.
