Bid bonds

A classification of bonds that guarantee that they contractor submitting a bid, if awarded the construction contract, will enter into a formal contract with the owner and will furnish performance and payment bonds.

Miller Act

a law that requires contractors to past a separate payment bond and make payments for material and labor provided on federal construction projects. Replaced the Heard Act.

Mechanic’s lien

a lien granted by law to anyone who repairs a specific piece of property

Maintenance bonds

Subdivision bonds

a classification of bonds that guarantee contractor will complete the improvements required by ordinance within a certain period of time in accordance with the governing body’s requirements

Supply contract bond

a bond that guarantees the delivery of designated items according to specifications