What's a Bid Bond?
A bid bond provides financial assurance that a bid has been submitted in good faith and that the contractor will enter into the contract at the price bid and provide the required performance bond and payment bond.
What's a Performance Bond?
A performance bond protects the owner from financial loss, should the contractor fail to perform the contract in accordance with its terms and conditions and completion timeframe – also provides one year of warranty protection.
What's a Payment Bond?
A payment bond guarantees that the contractor will pay subcontractors, laborers and suppliers associated with the project.