Contract Bonding
Waldorff Insurance & Bonding specializes in construction bonding. We represent most surety companies who are active in the construction bond business. We only represent “A” rated companies that are treasury listed.
Since 1963 We Have Been Helping Contactors:
- 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 refuses to perform the work, the surety will pay the agreed penalty.
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 oblige 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.