Texas Contract Bonds
What is a contract Bond?
A contract bond is a type of surety bond that guarantees contracts are fulfilled. If the contracted party fails to fulfill its duties according to the bond's terms, the project developer can make a claim on the bond to recover financial losses.
A contract bond is a guarantee the terms of a contract are fulfilled. If the contracted party fails to fulfill its duties according to the agreed upon terms, the contract “owner” can claim against the bond to recover financial losses or a stated default provision.
Contract bonds are a financial guarantee that ensures that a given project will be completed even if the contractor runs out of money, runs into un-forseen events and to keep the project free from liens. Completion bonds are used in many industries, including entertainment, technology, and construction projects.
What is the Purpose of a Contract Bond?
The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled.
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Most Recent Contract Bond Purchases:
· $38 Million Supply Bond
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· And many More!!!!