Construction bonds are vital tools in the construction industry. A construction bond is an instrument arising out of suretyship law. A project owner may require a contractor to obtain one or more ...

There are two types of bonds that an estimator must understand. First, there is a bid bond also called a bid security or bid guaranty. Second, there is a performance bond. Let’s take a look at the ...

Bid bonds guarantee that contractors complete projects they bid on, often for public or government jobs. If a contractor fails, a performance bond replaces the bid bond, ensuring project completion.

The Oklahoma Supreme Court has rejected a contractor’s performance bond claim due to the lack of adequate notice to the subcontractor’s surety (see Flintco LLC v. Total Installation Management ...