Contract Bonds / Performance
Reno Insurance carries Contract Bonds to get the work done!
- Performance Bond protects the owner from financial loss, should the contractor fail to perform the contract in accordance with its terms and conditions.
- Payment Bond assures that the contractor will pay subcontractors, laborers, and material suppliers on the project.
- Bid Bond guarantees that if the principal is a successful bidder, the principal will enter into a contract with the obligee and provide security in the form of performance and payment bonds.
- Maintenance Bond guarantees the contractor will correct faulty work and replace defective materials.
- Completion Bond guarantees completion of a contract regardless of the owner's obligations or risks
- Contract Bonds are underwritten similar to other commercial surety bonds. They use a variety of underwriting measures including both claims on the contractor’s license and personal or business credit history.