Summary of Contractors Bonds (Contractors Surety Bonds)
There are several types of Surety Bonds for contractors: Bid Bonds, Performance Bonds, Payment Bonds, License Bonds and Supply Bonds are a few.
In general, surety bonds assure a project owner that they can rely on contractor performance, ability to make payments to certain other parties (sub-contractors, e.g.), good faith bid submissions and so on. The issuer of sureties, usually an insurance company subsidiary, investigates the abilities of a contractor and, in the event of a valid claim, will make reimbursement for non-performance according to the terms of the surety.Information Needed for General Agreement of Indemnity:
- Federal ID Number of each corporation
- Full Name and Social Security Number of each stockholder and their spouses
- Home Address of each stockholder and their spouses
- Legal Name and Address of Corporation.
- For Bid Bond Purposes – State(s) of Incorporation
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