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Contract Bonds/Subdivision Bonds
For information please contact Judy
Pearen, Bond Manager or 805-690-2612.
Required instruments of construction contractors who perform bonded
work. Guarantees the fulfillment of the terms of contracts for construction
of public and private work, for rendering service, and for furnishing
supplies.
- Subdivision Bonds
Developers frequently use surety bonds as performance guarantees
for subdivision projects. These bonds are often referred to
as "subdivision bonds", "performance bonds,"
"site improvement bonds," "completion bonds,"
or "plat bonds."
Subdivision bonds are different from the more common performance
bonds used for construction projects. With subdivision bonds,
the owner of the project provides bonds to the public agency
to guarantee the installation of improvements that will ultimately
be dedicated to the public but paid for by the owner/developer.
The Subdivision Underwriting Process
- Bid Bond
A bid bond guarantees that the contractor, if awarded the job,
will enter into a contract with the owner and furnish the required
performance and payment bonds.
- Performance Bond
A performance bond guarantees the faithful performance of the
terms and conditions of the written contract.
- Payment Bond
A payment bond protects subcontractors and suppliers by guaranteeing
that all claimants will be paid for labor and materials supplied
to the contractor for use on the bonded job.
- Maintenance Bond
A maintenance bond guarantees that for a stated period, usually
one year, no defective workmanship or material will appear in
the completed project.
Commercial Bonds
Learn
how to establish Surety Credit
Commercial Bonds
License, Permit & Miscellaneous Surety bond:
Required instruments of most commercial entities, non-profit organizations,
and licensed practitioners. Guarantees compliance on the part
of individuals and firms with the laws, regulations, or private
agreements to which principals become obligated.
Court and Fiduciary Bonds
Surety bond for attorneys and those involved in legal disputes.
Guarantees principals will successfully prosecute litigation or
reimburse adverse parties for resulting damages.
Fidelity Bonds
Provides coverage for your business assets from theft by employees
and volunteers. Coverage is available for all employees, volunteers,
and non-compensated officers. We also provide name or position
scheduled coverage, business service bonds, and ERISA fidelity
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