Performance and Payment Bonds

BID BONDS

A bond filed with a bid for a construction or other project which guarantees that if the contractor has the low bid and is awarded the job, he will furnish the required contract bonds.

PERFORMANCE BONDS

A guarantee of the failful performance of a construction contract.

PAYMENT BONDS

A bond furnished by a contractor which guarantees that he will pay for the labor and materials used in a particular project. It relieves the owner of the project from possible liabilty because of non-payment by the contractor.

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