A Bid Bond, issued by a Surety on your behalf, is for the benefit of an Obligee. By providing a Bid Bond, Surety guarantees that if you are the awarded bidder on the respective project, Surety will then supply a Performance & Payment Bond guaranteeing the terms of the awarded contract.
A Performance & Payment Bond is required once you obtain a Contract for the respective project. By providing a Performance & Payment Bond, Surety guarantees that you will fulfill all terms of the underlying Contract.
Commercial Bonds represent an extensive range of bond types that are not classified under Contract Bonds such as license and permit, ERISA, Fidelity, Vehicle Dealer, and various other miscellaneous bonds. These types of bonds typically do not have an underlying contract agreement. The bond form generally acts as the agreement.
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