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.
“Bonding Services Corp. has helped us steadily increase our bonding capacity with our continuous growth over the past 15 years. They have always been totally professional and proactive under pressure to get us the best rate and act as a part of our team. I would highly recommend the Bonding Services Corp team for any project.“