PERFORMANCE BOND OVERVIEW:
A Performance Bond guarantees that a contractor will adhere to the terms and conditions of a contract. The winning bidder, upon award of the contract, submits this bond. Generally, performance bonds and payment bonds are issued together since they are closely related. A Payment Bond guarantees that a contractor will pay suppliers, laborers, and subcontractors (subject to contract terms) for the labor and materials they have provided. When you get both bond types together, it’s usually termed a Performance and Payment Bond.
Application: Call underwriter for appropriate application at 1-800-452-7121
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