A Bid bond guarantees that if a contractor is the low bidder on a project, he/she will enter into a contract and provide a Performance bond.
A Performance bond guarantees the contract Will be completed according to its terms and conditions. A Payment bond guarantees payment of laborers, subcontractors, and material suppliers.
Example: An electrical contractor may need contract bonds to guarantee the performance of construction contract or to guarantee the supply of goods and materials. Most public works projects required Bid. Performance and Payment bonds from the contractor. These bonds will guarantee the contractor's performance according to the terms of the contract with the project owner. To learn the specifics of our Bond services for large companies and contracting services, feel free to call and speak to any of our dedicated agents today.
At New Horizon Insurance Services we take the time to truly recognize your insurance needs so that your personal assets are protected at the most competitive rates. Our comprehensive solutions cover a wide range of risk.