Surety Bond Programs for Contractors & Businesses
Bid bonds, performance bonds, payment bonds, and commercial surety for contractors, developers, and businesses requiring bonding for public and private projects.
What is Surety Bonds?
Surety bonds are a three-party agreement between the principal (the contractor or business), the obligee (the project owner or government agency), and the surety (the bonding company). Unlike insurance, a surety bond is a credit instrument — the surety guarantees the principal's performance and has the right to seek reimbursement from the principal for any losses paid. For contractors, surety bonds are required on virtually all public projects and many private projects. Grandbay Financial has relationships with A-rated surety companies and can place bonding programs for contractors at all stages of growth.
How We Structure Surety Bonds
Bid Bonds
Guarantee that a contractor will enter into a contract at the bid price if awarded the project.
Performance Bonds
Guarantee that a contractor will complete the project according to the contract terms and specifications.
Payment Bonds
Guarantee that a contractor will pay subcontractors, suppliers, and laborers on the project.
Maintenance Bonds
Guarantee that a contractor will correct defects in workmanship or materials for a specified period after project completion.
License & Permit Bonds
Commercial surety bonds required by state and local governments as a condition of licensing or permitting.
Court & Fiduciary Bonds
Judicial bonds including appeal bonds, executor bonds, and guardian bonds required by courts.
Surety Bonds FAQs
Ready to Explore Surety Bonds?
Our specialists will analyze your risk profile and design a surety bonds program tailored to your business objectives and risk tolerance.