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Bonds

Surety Bonds

Szura offers a full line of surety Bonds including Bid, Performance, Maintenance and Construction Bonds. Surety Bonds guarantee whatever the underlying statute, state law, municipal ordinance, or regulation requires. They may be required for a number of reasons.

Bid Bonds

A bid bond is issued by the surety to the owner of the project in lieu of a required cash deposit. The cash deposit (usually 10% of the bid amount) is subject to full or partial forfeiture if the contractor is the low bidder and fails to either execute the contract or provide the required performance and/or payment bonds. In other words, the bid bond assures and guarantees that should the bidder offer the low bid, the bidder will execute the contract and provide the required surety bonds.

Performance Bonds

A performance bond is the promise by a third party (the bonding company) to pay - or sometimes perform - if the contractor fails to complete the contract.

Maintenance Bonds

Maintenance bonds guarantee for a term of up to 12 months are normally included with the performance bonds. Separate maintenance bonds may also be executed where no performance bond is required. The coverage provided by a maintenance bond is a guarantee against defective workmanship and materials.

Construction Related Bonds

Subject to the terms of the bond, this bond guarantees the faithful performance of a contract bond. It is a three-party agreement between the contract as principal; the owner as oblige, and the surety.

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