PjM - bonds
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5 Terms
1
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“bid bonds” “performance bonds”
surety bonds
2
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surety bonds
work like insurance
protects owner if the contractor does not follow through with a project
the insurer will pay the owner to finish the project if a contractor walks away from the project
3
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bid bonds
will pay the difference between the accepted bid and the next lowest bid if the lowest bid cannot follow through with the work
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performance bond
will pay for the project to be completed if the contractor defaults
5
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contractor’s license bond
insures the contractor should construction laws be broken
Note 
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