A license bond is used to obtain or maintain your contractor license. A license bond is required in most states, and is your guarantee that you won’t violate any state law regulations.
Bid bonds keep the bidding process fair for everyone by guaranteeing that the successful bidder will enter the contract and provide the required contract bonds.
Also known as a contract bond, performance bonds are required by law for any public construction projects. Contractor performance bonds ensure you’ll follow through on your end of a contract and complete construction in the time and manner agreed upon.
Payment bonds are a type of contract bond required by law for any work on public projects. Contractor payment bonds work to protect subcontractors, day labourers, and materials suppliers against non-payment.
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