Performance, Payment & Subdivision Bonds
This classification of applications is for specific contracts that need surety guarantees, and includes bid bonds, performance, payment, plat/subdivision and maintenance guarantees.
Performance, Payment and Bid Bonds
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.
Subdivision and Plat Bonds
Small Subdivision Bonds – Also referred to as site improvement, plat completion, subdivision or plat bonds. The difference between this bond and performance and payment bonds is that the owner of the property is the principal.
Supply and Service Contractor Bonds
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 and more.
SBA Surety Guarantee Program
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.