License, Bid, Surety and Other Bonds

The Specialty Contractors’ staff is experienced with assessing the right type of bond based on qualifications, project and credit situations facing companies. We can identify and recommend the appropriate bond based on the project and your particular needs. 

In California and other states, License bonds are required to operate a contracting business legally and contract/performance bonds may be requested for various projects.

A Surety Bond is a generic name for all bonds. A Surety Bond, which includes license bonds and contract bonds, is a credit relationship between the bonding company, or “Surety”, and the contractor. Then there is the ‘entity’ requiring the Bond.

Contract Surety Bonds perform a number of functions. Contract Bonds guarantee that a contractor awarded a contract will meet its obligations under that contract. It includes the guarantee that the bonded project will be completed in accordance with the contract specifications, and that the suppliers and workers to the contract will be paid for the materials and services supplied to the project. This includes bid bonds, performance bonds, payment bonds, maintenance bonds and supply bonds.

Some of the various types of Surety Bonds are mentioned below:

A Bid Bond assures the contractor’s client that proposal they are submitting is in good faith and that they will honor their price bid as well as the terms and conditions put forth in the contract present.  A Bid Bond precedes the issuance of a Performance Bond. 

A Performance Bond is issued once the contractor’s bid has been accepted. It lists all the work outlined in the job contract and assures that the work will be completed to the terms of the contract and that the conditions specified will be met.

The Specialty Contractors’ staff is experienced with assessing the right type of bond based on qualifications, project and credit situations facing companies. This allows us to identify and recommend the appropriate bond based on the project and your particular needs. 

In California and other states, License bonds are required to operate a contracting business legally and contract / performance bonds may be requested for various projects.

Contact Us or call 877-987-5667 for your free quote or more information.