Contractors gain massive advantage with this surety bond license

There are several types of surety bonds that contractors might consider:

• Bid Bonds: Ensure that the contractor can fulfill the bid terms if awarded the contract.
• Performance Bonds: Guarantee the completion of the project according to the contract.
• Payment Bonds: Ensure that subcontractors and suppliers are paid for their services.

Each type of bond serves a specific purpose, providing protection not only to the client but also to the contractor by establishing clear expectations and responsibilities⁴.