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GLOSSARY

PERFORMANCE/CONSTRUCTION BONDS

A performance bond guarantees faithful performance of the terms of a written contractor for furnishing supplies or for construction of all kinds. Performance bonds frequently incorporate payment bond (labor and materials) and maintenance bond liability.

BID BONDS

Given by a bidder for a supply or construction contract to guarantee that the bidder, if awarded the contract within the time stipulated, will enter into the contract and furnish the prescribed performance bond. Default will ordinarily result in liability for the difference between the amount of the principalís bid and the bid of the next low bidder who can qualify for the contact. In any event, however, the liability of the surety is limited to the bid bond penalty.

Office: 714-962-2245 All Performance and Bid Bonds can be approved by fax and mail as well as in person

Note: Applications depend on the dollar amount of the bid. Please contact our office for more information.

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