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A surety bond ensures contract completion in the event of a contractor default. The surety company is obligated to find another contractor to complete the project or compensate the project owner for the financial loss.
There are four types of surety bonds:
Bid Bond: Provides guarantee that the winning bidder will undertake the contract under the terms at which they bid.
Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
Performance Bond: Also known as a contract bond, is issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
Ancillary Bond: Ensures requirements integral to the contract, but not directly performance related, are performed.
Let Griffith Insurance & Financial Services, Inc. help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business or both, is our goal.