This classification of applications is for specific construction related contracts that need surety guarantees, and includes bid bonds, performance, payment, plat/subdivision and maintenance guarantees.
Performance bonds guarantee performance of the terms of a contract. These bonds frequently incorporate payment bond (labor and materials) and maintenance bond liability. This protects the owner from financial loss should the contractor (principal) fail to perform the contract in accordance with its terms and conditions. Learn More.
This application is for other than construction contracts that need performance and payment guarantees. This might include contracts for:
- Janitorial Services
- Security Firms
- Food Suppliers
- Landscaping Services
- Moving Services
- Learn More
Maintenance bonds, often required in construction projects, are surety bonds that ensure the contractor will provide maintenance and repair services for a specified period after project completion, protecting the project owner from defects or issues that may arise during that time.
Timber Sale Bonds
Timber sale bonds are surety bonds required by government agencies to guarantee that timber harvesting contractors adhere to regulations, fulfill contractual obligations, and properly reforest or rehabilitate the land after timber removal.
The SBA helps small and emerging contractors obtain surety bonds for contracts up to $6 million. The Small Business Administration gives sureties an incentive to provide bonding for eligible contractors and help strengthen the contractor’s ability to obtain bonding. Learn More.
In the renewable energy sector, surety bonds help ensure that various parties follow regulations, fulfill their contractual obligations, and cover financial responsibilities.
- Renewable Energy (Solar, Wind, or Hydroelectric) Bonds
- EPC (Engineering, Procurement, and Construction) Surety Bonds
- Decommissioning Bonds and Site Reclamation
- PPA (Power Purchase Agreement) Bonds
- Distribution / Interconnection Bonds
- Procurement bonds
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