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Westfield Contract Surety Bonds
Understanding contract surety bonds
- Contract surety bonds are generally used for the guaranteeing of construction contracts and the supply of furnishings and materials.
- There are three parties involved with a contract bond: the project owner, a contractor and a surety.
- The surety guarantees the project owner that the contractor will fulfill its obligations as outlined within the written contract.
- As a contractor, your surety provider may play various roles, including advisor, advocate, and conflict manager.
Common types of Contract Bonds
Performance Bond
A bond that guarantees performance of the terms of a written contract. It protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
Payment Bond
A bond that ensures that the contractor will pay specified subcontractors, laborers, and materials suppliers associated with the project.
Maintenance Bond
A bond that offers protection in the event of faulty or defective materials, even after a project’s completion for a specified time period (similar to a warranty).
Bid Bond
A bond that ensures a bidder for a supply or construction contract will enter into the contract within the stipulated timeframe if the company wins the bid.
Supply Bond
A bond that ensures a supplier will produce the supplies or materials specified in the contract. If the supplier were to default, the bond protects the purchaser from any losses.
Why Choose Westfield Contract Surety
- Our company is T-Listed and A.M. Best rated, “A”, delivering the capacity and financial strength to support your bonding needs.
- We know your business and we’re committed to helping it mature and grow profitably.
- We assist in finding creative solutions to your problems.
- From the small landscaper, to the heavy highway firm, to the large general contractor, and anywhere in between, we bond a broad range of contractors, regardless of type or size.
- We have contract surety professionals that live and work in your community and are active advocates for your industry.
- We offer value added Peer Review services to help you gauge how you compare financially to others in your industry.
WesExpress
WesExpress is our rapid response, credit-based program providing bid, performance and payment bonds for small and emerging contractors or contractors with infrequent bond needs.
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