Bonds provide financial security and assurance by assuring project owners that contractors will perform the work and pay specified subcontractors, laborers and other suppliers.

A surety bond is a risk transfer mechanism where the surety company assures the project owner that the contractor will perform a contract following the contract documents.

This session will cover the different types of bonds and how they are used.

• How bonds work;
• Why contractors need a bond;
• Public vs. Private projects;
• There are three basic types of bonds: Performance, Payment, Bid;
• Other types of bonds;
• Securing a bond;
• Risk assessment;
• Claims against a bond.

*This is an in-person workshop.