July 27, 2017

Contract Bonding

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Waldorff Insurance and Bonding specializes in construction bonding. We represent most surety companies that are active performers in the construction bond business. All companies are "A" rated and treasury listed.

We have been assisting contractors since 1963 to:

  • Provide better service
  • Reduce bond rates
  • Bond, design and build projects
  • Increase single job limits
  • Provide bonds and insurance for joint ventures
  • Provide bonding for new companies and new ownership
  • Resolve your initial bond needs.

Types of Construction Bonds

Bid Bond

Promises that if the contractor is awarded the job but refused to perform the work, the surety will pay the agreed penalty (generally, either the difference between the low defaulting bid and the next low bid, or a set penal sum, frequently 5 to 10 percent of the bid price).

Performance Bond

Promises that the contractor will perform the work in accordance with the construction contract and related documents. If the contractor defaults, the bond may require the surety to step in and complete the work, or it may be a pure “indemnity” bond which requires the surety to reimburse the obligee for its damage.

Payment Bond

Promises that if the suppliers and subcontractors are not paid for materials and labor furnished to the contractor, the surety will pay according to the terms of the subcontracts or purchase orders.

Forms

 

 

A representative can provide you with complete details on Construction Bonds and other Miscellaneous Bonds.

Contact us today for more information about Bonding.