Contract
Commonly required on construction and other contracts to give the project owner (the obligee) assurance that bid, performance and payment obligations will be met.
- Bid
- Assures the owner that a bidder will sign the contract and provide any required bonds if the bid is accepted.
- Performance
- Protects the owner if the contractor does not complete the work according to the contract.
- Payment
- Supports payment of subcontractors, workers and suppliers on the bonded project.
- Completion
- Gives a lender or owner assurance that a financed project will be finished.
- Maintenance
- Covers defects in workmanship or materials for a set period after the work is complete.

