Ai Bonding has programs available for performance bonds of all sizes- large experienced contractors or emerging contractors.
A construction bond is a legal agreement in which the bonding company (surety) guarantees that a contractor will perform obligations according to the established plans and specifications of a contract.
Bid Bonds are issued within the framework of a bidding process to serve as a guarantee to a project owner that a winning bid will satisfy the terms of a tendered contract. The bid bond formally assures and guarantees that a successful bidder will execute the requirements of the contract, and duly provide the required surety bonds.
Labour and material bonds, also known as payment bonds, guarantee that the company will pay its direct subcontractors, suppliers, vendors, and laborers for materials and services provided under the bonded contract.
Maintenance bonds guarantee to the project owner that the contractor will maintain the project and correct any defective workmanship after the project has been completed based on the agreed terms of the contract for a specified period of time.
Supply bonds provide security to the project owner, that certain materials will be delivered by the supplier according to the terms of the contract. The bond will reimburse the purchaser should the supplier not complete the terms of the contract. The conditions of supply bonds are similar to performance bonds except that the obligation is for supplies only.
A surety bond, presented as a form of security, helps the developer to utilize cash available to them in supporting the construction process.
Ai Surety Bonding offers insurance for deposits that exceed the TARION warranty protection of $20,000 for condominium homes and $40,000 for freehold homes as well as projects such as condominium conversions and commercial condominiums.
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