Surety Bonds for Contractors

Contractors may need different types of surety bonds depending on the project and requirements. Common examples include:

• Bid Bonds – Guarantee the validity of a contractor’s bid.

• Performance Bonds – Ensure the contractor will complete the project as agreed.

• Payment Bonds – Guarantee payment to subcontractors, suppliers, and laborers.

• License Bonds – Required for certain licenses to operate legally.

• Supply Bonds – Assure the delivery of materials as contracted.

Surety bonds give project owners confidence in a contractor’s performance, financial responsibility, and good faith, helping to protect all parties involved.

Information Needed for a General Agreement of Indemnity

To process a surety bond, we typically require:

• Federal ID Number for each corporation

• Full legal name and Social Security Number of each stockholder and their spouses

• Home address of each stockholder and their spouses

• Legal name and address of the corporation

• State(s) of incorporation (for bid bond purposes)