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A Surety Bond is a written agreement under which one party, called the surety, obligates itself to a second party, called the obligee, to answer for the default of a third party, called the principal.
Suretyship is an obligation to pay the debts of, or answer for, the default of another.
In the form of bid, performance, and payment bonds contract suretyship provides specific benefits to project owners, contractors, laborers, subcontractors, and suppliers. Most surety contract bonds are written on public work, which includes federal, state, and local projects.
Contractors benefit greatly from a prequalified corporate surety. Even if a public entity will accept alternate security for the bid process, the contractor awarded the job is almost always required to post performance and payment bonds from a corporate surety. Surety credit often enhances a contractor's competitive position in private work because the contractor can offer project owners and lenders the assurance that its capacity to perform has been carefully reviewed.
Bid Bonds provide financial assurance that the contractor submitting a bid, if awarded the construction contract, will enter into a formal contract with the owner and will post performance and payment bonds.
Most public works, and many private ones, will require bid bonds on the date of the bid.
Performance bonds guarantee that the contractor will fulfill all terms and conditions of the construction contract.
Payment bonds guarantee that the contractor will pay labor and material bills associated with the contract. Laborers, subcontractors, and suppliers receive financial assurance with a payment bond.
Performance Bonds and Payment Bonds (aka Final Bonds) typically need to be issued within 10 days of the award date or prior to any contract payment.
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