Types of bonds for industrial contractors
Industrial construction companies carry out important projects for many different types of businesses. To facilitate commercial land development, the contractor typically issues surety bonds to the customer. The bond ensures that the construction job is done according to the terms that were agreed upon in the contract. If the industrial contractor does not complete the project accordingly, the customer can make a claim on the bond for compensation. There are 3 main types of surety bonds that are issued during an industrial construction contract.