Contract Bonds

Contract surety bonds are used mainly in the construction industry. These bonds protect the owner (obligee) from financial loss in the event the contractor (principal) fails to fulfill the terms and conditions of their contract.

The surety provides its guarantee by co-signing the bonds with the Contract, to allow the Surety’s financial resources to back the commitment of the Contractor.

There are a few commonly used contract surety products:

• Prequalification Letter
• Consent of Surety/Agreement to Bond
• Bid Bond
• Performance Bond
• Labour and Material Payment Bond

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