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A Performance bond is a bond that guarantees that contractors will complete their obligations regarding a construction agreement. This protects the property owner from contractor defaults on large-scare and public projects.
Performance bonds are becoming more common not only for private projects but also for large commercial projects. A Bid bond guarantees compensation if the bidder fails to begin the project. These types of bonds are used generally for construction projects. The Bid bond provides a guarantee that the bidder will complete the project if they are selected. Once the company has been selected, the Bid bond will be replaced with a Performance bond.
Here are some of the bonds we can provide:
- AIA A310 Bid Bond
- Bid or Proposal Bond
- EJCDC C-430 Penal Sum Bid Bond
- EJCDC C-435 Bid Bond
- Owner Bid Form – Power of Attorney Only
- Sandard Form 24 Bid Bond – US Federal
- US Dept. of Agriculture Rural Utilities Service Bid Bond
- Whiting-Turner Contracting Company Subcontractor Bid Bond
To find out more about our surety and other bond products and services, click here or contact Independent Agents of Kentucky today at 502-459-8880.
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