Surety Services
Bonds For Contractors
Brooks provides every type of surety bond for projects of every type and
size. You can depend on fast, accurate delivery of these contractor bonds:
- Bid Bond
Provides financial assurance that your bid has been submitted in
good faith and that you will enter into the contract at the price bid and
will provide the required performance and payment bonds.
- Performance Bond
Protects the obligee (usually the owner or GC) from
financial loss should you fail to perform the contract in accordance
with the terms and conditions of the contract documents.
- Payment Bond
Guarantees that you will pay certain subcontractors, as well
as all of your bills for labor and materials associated with the project.
- Maintenance Bond
Normally guarantees against defective workmanship or materials. However,
maintenance bonds sometimes incorporate an obligation guaranteeing “efficient
or successful operation” or other obligations of
like intent and purpose.
- License and Permit Bond
Primarily protects the general public and
governmental bodies by reinforcing the laws, ordinances and regulations
designed to protect public health and safety. It may also be used to
guarantee the payment of taxes due to state or local governments.
- Wage and Fringe Benefit Union Bond
Guarantees that employer contributions will be made to the welfare funds
and also includes maintenance of union wage scale and honoring paychecks.
- Release or Discharge of Mechanic Lien Bond
Used in situations where a subcontractor, or other party who has supplied
labor or materials, has not been paid for work done on a property. If the
unpaid party files a lien against the real estate for the amount owed, the
owner of the property—whose liability is yet undetermined—may ask the GC to
post a mechanic lien bond and have the lien removed from his property. The bond
guarantees payment of the amount eventually determined to be legally due
the claimant, including interest and costs.
- Subdivision Bond
Guarantees the construction of improvements such as
streets, lighting, sidewalks, curbs, gutters, sewers and storm drainage
systems. This type of bond is usually required by municipal or other
government entities as a condition of the subdivision permit.