There are four types of surety bonds:
- Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
- Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
- Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
- Ancillary Bond: Ensures requirements integral to the contract, but not directly performance related, are performed.At Route 66 Insurance Inc. we pride ourselves in being leading insurance experts. Our extensive knowledge and years of experience has led us to specialize in combating diverse risk exposures by providing unique products such as Bonds.