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Faculty Course
FACC 220
Louis Martin Richer

There are three types of bonds bid bonds performance bonds and payment bonds Bid Bonds Bonds guarantee that the contractor holding the bond will perform a specified obligation or face financial penaltiesA bid bond guarantees the owner that the principal will honor its bid and will sign all contract documents if awarded the contract Therefore this will help John find a contractor that meets his requirements with regards to both finance and timeconstraintsThe Second is Performance bonds this guarantees John that the contractor will complete the contract according to its terms including price and time The final is the Labor and Materials bonds which insure that the contractor will pay subcontractors and suppliers all amounts due If the contractor does not fulfill the requirements set in any of the bonds then John will be guaranteed any monetary loss up to the amount of the bond
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