surety bond type
Construction Surety Bonds
Do you need to get a surety bond? Let us help you get bonded.
What are Construction Bonds?
Construction bonds, also known as contract bonds, are a category of surety bonds that provides a guarantee that a contract will be fulfilled. Contract bonds can be used in a wide range of circumstances, but they are most commonly required in construction projects, which is why they have been deemed construction bonds.
Simply put, construction bonds provide assurance that the project developer will recover any financial losses if the contractor doesn’t complete a contract.
Construction bonds are most often required by government agencies for work on a public project. However, more private companies are beginning to require the protection of construction bonds, too. There are many types of construction bonds that may be required at different stages of a project to ensure it is completed according to the contract.
Here are some of the most common types of construction bonds:
| Surety Bond | Bond Amount | More Information |
|---|---|---|
| Bid Bond For developers who are accepting bids on a project, this surety bond ensures that contractors submit serious bid proposals since the project developer is able to make a claim against the bond if the contractor declines the job or retracts the bid. | Varies | More Info |
| Contractor License Bond For contractors who are looking to establish their business, a license and permit bond is required for contractors to receive their state, county, and/or city license. | Varies | More Info |
| Environmental Bond For contractors, this specialty bond guarantees that they adhere to state and federal rules and regulations aimed at remediating environment damage. It also serves to mitigate perceived contractor notions as "environmental risks." | Varies | More Info |
| Maintenance Bond For project developers that require insurance for contractor work, this surety bond provides assurance against defective materials and workmanship for a specific period of time after the completion of a project. | Varies | More Info |
| Performance Bond For private project developers and government agencies, this surety bond guarantees that the contractor completes the project according to the contractual terms. If the project does not meet the contract standards, a claim can be made against the bond to hire another company to complete the contract. | Varies | More Info |
| Payment Bond For contractors who hire suppliers and subcontractors, this surety bond offers protection to suppliers, subcontractors, and others who may work on a project in the event that the lead contractor goes bankrupt during the course of the project. | Varies | More Info |
| Site Improvement Bond For renovation contractors, this surety bond covers the completion of contracted improvements to renovation projects that update older structures or other existing properties. | Varies | More Info |
| Subdivision Bond For contractors working on subdivision project, this surety bond maintains responsibility of the contractor to build and/or renovate public structures within subdivisions, such as streets, sidewalks, and waste management systems, according to governmental specifications. | Varies | More Info |
| Supply Bond For project suppliers, this surety bond requires material, equipment, and other suppliers to complete orders as defined in the purchase order or agreement. | Varies | More Info |
Do you prefer to talk to us instead? Call us and one of our surety experts will help you!
How do you get your surety bond?
Contact us and we’ll email you an application form.
Fill out the application form and email it back to us once completed. You may also be asked to provide the necessary court documents related to the surety bond.
Our underwriting team will evaluate your application.
Each bond has its own unique risk and our team will guide you through the process to get your bond approved.
Pay for the bond premium and we’ll send the bond to you.
Make the payment for your bond and we’ll issue your surety bond to you immediately!
Message from our President
“For over 30 years, I’ve been transacting different types of Surety Bonds.”
From court to construction, to commercial bonds, we offer nearly every type of surety bond available. We provide fast and efficient surety bonds across the nation and we always aim to make our surety bond transactions convenient for our customers. Built on a foundation of integrity, Surety Bond Authority prides itself on stellar customer service and affordable rates.
