What's a Contract Bond?
Contract bonds are a class of surety bonds which guarantee the performance of a contractor according to the specifications of a construction contract. There are various types of contract bonds. Bid bonds are often the first step in a job, as this type of bond is provided before the contract is even awarded. Bid bonds are commonly required for government jobs. Contractors interested in bidding on a project will submit a bid bond, which holds them to fulfill the contractual ob