Protecting Project Owners & Contractors Alike.
A Contract Bond is a legal guarantee that ensures contractors fulfill their obligations as outlined in a contract. These bonds provide financial security to project owners, ensuring that work is completed on time, within budget, and according to regulations.
At Scheer’s Insurance Services, we help contractors, builders, and service providers obtain contract bonds quickly and affordably, so they can win more bids and grow their business.
Ensure Trust & Financial Security in Every Project.
Many private and government contracts require bonded contractors to ensure projects are completed as agreed. A Contract Bond protects both parties by:
- Guaranteeing Work Completion – Ensures the contractor follows project terms.
- Providing Financial Security – Covers costs if a contractor fails to complete a job.
- Enhancing Contractor Credibility – Helps contractors win bigger contracts and government bids.
- Reducing Project Owner Risks – Ensures the project stays on track even if issues arise.
Find the Right Bond for Your Project Needs.
Bid Bonds
Guarantees that a contractor will accept a project if awarded the contract.
Performance Bonds
Protects owners if a contractor fails to complete the work as agreed
Payment Bonds
Ensures
contractors pay their workers, suppliers, and subcontractors.
Maintenance Bonds
Guarantees repairs or corrections for defective work after project completion.
Supply Bonds
Ensures
contracted materials and supplies are delivered on time.
Fast, Affordable & Reliable Contract Bonds.
At Scheer’s Insurance Services, we specialize in helping contractors secure contract bonds quickly, affordably, and with zero hassle.
- Fast Approvals – Get bonded quickly to bid on projects without delays.
- Competitive Rates – We offer the best pricing in the industry.
- Hassle-Free Process – We handle the paperwork so you can focus on your business.
- Trusted by Contractors Nationwide – Thousands of businesses rely on us for their bonding needs.
FAQs
What is a contract bond?
A contract bond is a type of surety bond that guarantees a contractor will fulfill the contractual obligation of a project. These bonds protect project owners from financial loss if a contractor fails to meet contract terms.
What are the main types of contract bonds?
There are several required surety bonds for construction projects, including bid bonds, performance and payment bonds, and maintenance bond guarantees. Each bond serves a specific role in protecting the project owner and stakeholders.
What is the difference between a contract bond vs performance bond?
A contract bond is an umbrella term that may include a performance bond. The performance bond specifically ensures the contractor completes the job as agreed, while a payment bond guarantees payment to material suppliers and laborers.
Why does my business need contract bond insurance?
Contract bond insurance offers assurance to project owners and government agencies that your company can fulfill its duties. If you’re bidding on public work, the agency may ask: Does your company require bonding to bid on contracts?—in most cases, yes.
How do contract bonds benefit construction projects?
These bonds protect against financial losses by holding contractors accountable. Whether you're hiring for construction bond work or managing large-scale projects, bonds ensure work is completed and workers get paid.
What is a bond contract in this context?
A bond contract is the legal agreement involving the project owner (obligee), the contractor (principal), and the surety company. The bond ensures the contractor’s obligations are fulfilled—this is the essence of a bonding contract.
Are contract bonds used outside of construction?
While most common in construction, contract bonds can also be required for service contracts, equipment supply agreements, or by any entity needing assurance of performance.
How do bond futures contracts or us treasury bond futures contract relate to this?
Bond futures contracts like the treasury bond futures contract are financial instruments used for trading U.S. debt obligations. They differ from contract bond insurance—one deals with investing, the other with protecting construction projects.
How are surety bonds for construction contracts enforced?
If a contractor defaults, the surety company steps in to pay damages or find another contractor to complete the job. These bonds protect both public and private owners from unexpected financial losses.
How can Scheer’s Insurance help with contract bonds?
We guide contractors through the bonding process—from defining your bond amount, preparing the right forms, and issuing performance and payment bonds to meet legal or project requirements. Whether you need bonding for a small renovation or a multi-million dollar contract, we’re here to help.
Secure Your Next Project with a Contract Bond.
Winning bids and completing projects requires trust and security. Get a Contract Bond from Scheer’s Insurance Services to ensure you meet contract obligations, build trust with clients, and protect your financial future.