If you are a contractor than you already know that you are required to obtain surety bonds for your projects. A surety bond is defined as a contract bond, used very frequently in the construction industry, is a guarantee from a Surety to a project’s owner (Obligee) that a general contractor (Principal) will adhere to the provisions of the terms of the contract. Examples of these types of bonds include bid bonds (guarantee that a contractor will enter into a contract), payment bond (guarantee that a contractor will pay for services and materials), performance bond (guarantee that a contractor will perform the work as specified by the owner), and maintenance bond (guarantee that a contractor will provide facility repair and upkeep for a specified period of time.) Under the Miller Act, payment and performance bonds are required for general contractors on all U.S. federal government construction projects where the contract price exceeds $100,000.00
The Rettino Group would be happy to assist you with any surety bond your business requires.