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Surety Bonding

Contract Surety

Payment and Performance Bonds

What is a Payment Bond?

A Payment Bond guarantees payment of the contractor's obligations under the contract for any subcontractors, laborers, materials and suppliers. If a subcontractor is not paid, a "claim" may be made against the bond for non-payment and the surety company will then rectify the situation.

What is a Performance Bond?

A Performance Bond guarantees the contractor will perform according to the terms of the contract. A Performance Bond protects the owner from financial loss should the contractor fail to complete the project or perform in accordance with the contract.