Contract Bonds (Bid, Performance & Payment)
Contract surety bonds for agents — bid, performance, payment (labor & materials), and maintenance bonds for construction. Start a bond quote for your client.
A contract bond guarantees that a construction contractor will do what it agreed to do — bid in good faith, finish the work, and pay its subs and suppliers. These are the surety bonds that public and larger private construction projects require, and we place them for agents through our bond markets.
The contract bonds we place
- →Bid bond — guarantees the contractor will honor its bid and furnish the final bonds if it wins
- →Performance bond — guarantees the project is completed per the contract
- →Payment bond (labor & materials) — guarantees subcontractors and suppliers get paid
- →Maintenance bond — guarantees the work against defects for a set period after completion
Who needs a contract bond
- ✓General contractors and subcontractors bidding public work
- ✓Contractors on private projects where the owner requires a bond
- ✓New and growing contractors building their bonding capacity
How to place it through Baker
- →Send the bond type, the contract or bid amount, and the contractor's experience
- →We match the account to a surety market and come back with terms
- →Start a bond quote, or send the application link to your client
** Terms used here are a summary only. Always refer to the bond form and the obligee's requirements.