are a type of surety bond required by contractors. This bond consists of two primary categories:
- Bid Bond: a bond required of contractors before they can submit a valid bid on a construction contract. The bond protects the project owner from financial loss if the winning bidder fails to undertake the contract under the terms at which they bid.
- Performance/Payment Bond: a bond that protects the project owner from financial loss resulting from a contractor failing to perform the duties of the contract (“Performance Bond”) or failing to pay subcontractors and material suppliers (“Payment Bond”).
Ashton Agency offers many types of Contract Bonds. Please find a list of the most common Contract bonds below:
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