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Is there more than one type of Contract Bond?

by | May 27, 2021 | Surety Bonds | 0 comments

Is there more than one type of Contract Bond? If you are just discovering the Wonderful World of Surety or maybe have been asked to get a Contract Bond, you may have been doing some research and found there are more than one type of contract surety bond.  You may find yourself asking Is there more than one type of contract bond?  Or, are all of these terms I find online basically the same thing?

The Wonderful World of Surety is vast and can be confusing.  That’s why Seaman’s Insurance Group is your Premier Boutique Surety Bond and Insurance Agency.

Shrimp boats at sunset on water with international surety bond log an eagle set infront of a globe above Seaman's Insurance Group Logo a hemo and compassrose next to the agency name in cursive Seaman's Insurance Group in blue and white contract surety bond

Is there more than one type of Contract Bond?

Different types of Contract Bonds

As I am typing this blog post I am picturing the scene in the movie Forrest Gump where Bubba is telling Forrest all of the different types of meals you can make with shrimp. It’s this quote (changed to fit the subject at hand) “Anyway, like I was sayin’” Contract Surety Bonds “are like the fruit of the sea” You can have different types of contract bonds.  You can have Construction Bonds, Bid Bonds, Performance Bonds, Payment Bonds, Supply Bonds, Maintenance Bonds, Subdivision Bonds, Site Improvement Bonds, Completion Bonds, Warranty Bonds, Right of Way Bonds, Service Bonds, International contract bonds “That-That’s about it.” (Admit it, you were picturing that scene from Forrest Gump as you were reading this paragraph.) Shrimp boat captains that name their entire fleet of boats, Jenny may even need a contract bond.  We have worked on contract bonds where boat manufacturers were required to get a contract bond in order to get a contract to deliver many boats to a government in a certain period of time.

Contract Bonds are Serious Business

With all kidding aside, if you are asked to provide any sort of contract surety bond in order to win a contract, Seaman’s Insurance Group has the expertise and capabilities that are unmatched.  Contact us today.

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