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A construction bond, also called a contract bond, is a type of surety bond that investors, owners, or public entities use for an extra layer of protection in construction projects. In short, construction bonds act as insurance for clients – protecting them in case a contractor’s work is not completed per the contract.
Every surety bond is a legally binding contract between three parties. In this case, the three parties are:
The contractor or subcontractor assigned to the project
The person, business (often a project owner), or public entity hiring the first party to do the work
The company that issues the bond and ensures the work is done properly
A construction bond will guarantee that a contractor performs the work according to the project’s specifications. This protects the project owner financially, so they aren’t left high and dry if the contractor fails to finish the job or does shoddy work. It also protects the project owner against project disruptions.
By placing a bid bond, you’re telling project owners that you’re serious about your bid proposal for a project. It also guarantees that you have the financial assets and ability to accept the work (and will do so if you win the bid). If your bid is accepted and you don’t take the job, or you take the job and fail to provide a performance bid, the project owner can make a claim on your bid bond.
A supply bond holds all suppliers involved in the construction process accountable. It ensures they provide equipment and materials as promised in the purchase order. If they fail, the bond will cover the purchaser’s loss.
A performance bond will replace the bid bond after you accept and agree to take a job. This bond acts as security for the project owner, ensuring you’ll complete the project according to the contractual agreement. Again, if you don’t, the project owner can make a claim on the bond.
Maintenance bonds are also essential, acting as guarantees that contractors use quality workmanship. These bonds are suitable for a set period after project completion. If someone discovers a flaw before that period ends, they can make a claim for reimbursement on any necessary repairs.
Payment bonds are also called labor and material payment bonds. A payment bond offers suppliers and subcontractors financial security if their prime contractor is not able to pay them for work that they completed. Payment bonds are typically issued in conjunction with the performance bonds.
Other Types of Construction Contract Bonds
Landscape Contractor Bond
Erosion Control Bond
Site improvement bond
Farm Labor Contractor Bond
Contract Postal Unit Bond
GET A CONSTRUCTION BOND
IN WEST VIRGINIA
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