Bond Value Up to $500,000
Bond Value $500,000 and Over
A Contract Bond
guarantees the performance of obligations under a contract. Because these bonds are often utilized by construction contractors, they are sometimes called Construction Surety Bonds
or Contractor Bonds
Brunswick Companies Specializes in Contract Bonds
We are a full-service, national surety bonding agency, specializing in surety bonds for both general contractors and trade subcontractors.
For over 35 years, we have been providing our clients with:
- Great rates on surety bonds
- Fast, responsive and knowledgeable service
- Access to a wider selection of surety providers
- Competitive rates on all types of surety bonds
- Guidance through the process of obtaining surety insurance
- A proactive approach to improving your access to surety credit
- Assistance with specialized surety bonding needs
- A complete range of insurance and risk management products and services for the construction industry.
Get a Great Rate on Your Contract Bond
Working with an experienced surety broker can provide an edge in obtaining the best pricing. Mark Levinson, the leader of our surety insurance group, has developed strong relationships with the leading surety bond underwriters so that we may provide our clients with access to more favorable terms and conditions.
Contract Bond Types:
- Bid Bonds guarantee that the bidder will carry out the terms of a contract at the bid price upon award of the bid.
- Maintenance Bonds guarantee against any possible defects in the contractor's work for a set period of time after the work is performed.
- Payment Bonds ensure the subcontractors, laborers and material suppliers used in fulfilling a contract will be paid.
- Performance Bonds guarantee the contractor will faithfully perform the contract. Performance and Payment Bonds are generally sold in tandem.
- Site Improvement Bonds guarantee that a landowner will successfully complete mandatory improvements to an existing building.
- Sub-Division Bonds are a guarantee that mandatory public improvements to a subdivision will be successfully completed.
With decades of experience in working with construction contractors and real estate developers, we offer a complete range of insurance and risk management products and services for the construction industry.
Definition of a Contract Bond
A contract bond is a type of bond designed to guarantee the performance of obligations under a contract. These bonds guarantee the obligee that the principal will perform according to the terms of a written contract. Construction contract bonds constitute most of these bonds. A contract bond protects a project owner by guaranteeing a contractor's performance and payment for labor and materials. Because the contractor must meet the surety company's pre-qualification standards, construction lenders are also indirectly assured that the project will proceed in accordance with the terms of the contract.