What is a Performance Bond? A performance bond is a written assurance or guarantee form provided by a third party (bank or insurance company) and submitted by a principal (Client) to the Contractor in charge of giving the contract. This guarantee form censored by the third party (bank) is an insurer of the principal who […]

Types of Contractor Bonds You May Need

Contractor bonds protect the customers from a contractor not completing the job, it offers the client the security that they will be paid if the contractor defaults.  For the most part bonds are classified into two different categories, conditional or demand.  Conditional bonds are common and they serve as proof there will be no resulting […]