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:

1. Federal ID Number of each corporation
2. Full Name and Social Security Number of each stockholder and their spouses
3. Home Address of each stockholder and their spouses
4. Legal Name and Address of Corporation.
5. For Bid Bond Purposes - State(s) of Incorporation

Do you have questions about Contractors Bonds?

Contact an insurance agent at Mark Reid Insurance today to answer any questions about getting a Contractors Bonds.