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Contract Bonds
A contract bond is a type of surety bond providing specific guarantees that the contractor will perform according to the terms of a contract for the duration of a project. Contract surety bonds, also commonly referred to as construction bonds or bid, payment & performance bonds, are required in the construction and development industry. These types of bonds typically insure that a contractor will pay all labor and material suppliers used in the course of a project. Contract bonds also provide financial security to the project owner and in most cases are required before work on a project can get started.
Contract surety is a category that covers multiple bond types including Bid Bonds, Payment Bonds, Performance Bonds, Supply Bonds, Maintenance and Warranty Bonds. Each of these types of contract bonds has its specific role in protecting the obligee (project owner).
A1SuretyBonds.com assists many different types of contractors in getting the contract bond they need in order to bid or start a project. We have successfully secured contract bonds for:
- General contractors
- Subcontractors
- Supply & Supply and Install Contractors
- Construction managers
- Prime subcontractor trades
- Mechanical and electrical Contractors
- Road, bridge, and paving contractors
- Underground utility contractors
- Emerging/small to large national contractors
- Service Contractors
Download Contract Bond Application
What do I need to apply for a contract bond?
There are different requirements for contract bonds and they vary based on the bond amounts required. Most contract bond applications will require a bid amount, bid specifications, a bond form if provided and in some instances personal and business financial statements. We are able to provide an express program for single jobs under $350,000, limited paperwork and no financial statements required!
| Bid Bond Amount | Application |
|---|---|
For Single Jobs $350,000 or less | |
For Single Jobs over $350,000 | |
Contract Bond Express Program - $350K Single job / $700K Aggregate Contract Bond Line |
Please refer to this article on How To Obtain Contract Surety Bonds for additional information.
Types Of Contract Surety Bonds
There are many specific types of contract and construction bonds that fall under the heading of contract surety bonds, below is a listing of these bonds. For more detailed explanation about contract bonds, read our frequently asked questions about contract bonds.