Contract Bonds are a main category of surety bonds that are used to guarantee contracts. These bonds are often referred to as construction bonds because they are often used in construction contracts.
Contract Bonds include Performance Bonds, Payment Bonds, Bid Bonds and Maintenance Bonds. Each of these bonds has a different purpose. In short, Bid Bonds guarantee that a contractor will enter in to a contract and honor their bid price if they are the winning bidder. Performance Bonds guarantee the completion of the contract, according to it's terms. A Payment Bond guarantees that certain subcontractors and material suppliers will be paid on a project. A Maintenance Bond guarantees that a project will be free of defects for a certain period of time.
Contract Bonds are required on most public projects through the Miller Act and on many private projects as well.
Contract Bonds can easily be obtained by most contractors. We have simple credit programs available that only require an application. Other contract bond programs are obtained through underwriting. Axcess Surety also utilizes programs such as the SBA Surety Bond Program and funds control to help contractors in all situations. Whether it is your first bond or your 1,000th, we have the best programs to help you obtain bonding.