Contract Bond

CONTRACT SURETY BOND

California Contract Surety Bond

California Contract Surety Bond …

A California Contract Surety Bond Provides financial security and construction assurance on building and construction projects by assuring the project owner (obligee) that the contractor (principal) is qualified to perform the work and will pay certain subcontractors, laborers, and material suppliers. Contract surety bonds include:

  • Bid Bonds – provide financial assurance that the bid has been submitted in good faith, and that the contractor intends to enter into the contract at the price bid and provide the required performance and payment bonds.
  • Performance Bonds – protect the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
  • Payment Bonds –  guarantees that the contractor will pay certain subcontractors, laborers, and material suppliers associated with the project.
  • Maintenance Bonds – normally guarantees against defective workmanship or materials for a specified period.
  • Subdivision Bonds – guarantees to a city, county, or state that the principal will finance and construct certain improvements such as street, sidewalks, curbs, gutters, sewer, and drainage system.
  • Supply Bond – guarantees that the developer associated with a particular project will completely restore any public property that is damaged or altered during the project.

Surety bonds are almost always required before work can begin on public projects. Private project developers can also require contractors to file certain types of surety insurance before work can begin on their projects.

Typical California Contract Bond Projects

  • Schools
  • Office Buildings
  • Residential Buildings
  • Hotels
  • Hospitals
  • Prisons
  • Highways
  • Bridges
  • Airports
  • Sewer & Water Lines
  • Water Treatment Facilities

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How to Get a Contract Bond FAST!

Applying for a Contract bond is rather simple. Just apply through our easy online form and submit your bond application. We will contact you soon after with a quote on your bond. For bonds with higher amounts, you may be asked to submit additional documentation which may take slightly longer.

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