What are Performance Bonds and How Do They Work

Workers laying asphalt on a street Welcome to the second article in a three-part series on Illinois surety bonds, compliments of guest author Danielle Rodabaugh. Danielle is a principal for SuretyBonds.com and is discussing the three basic types of construction bonds:

  ●  Bid bonds

  ●  Performance bonds

  ●  Payment bonds

Today we will explore performance bonds.

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What are Bid Bonds and How Do They Work?

Two Conractors Checking a set of plansWelcome to the first in a three-part series on surety bonds in Illinois compliments of guest author Danielle Rodabaugh. Danielle is a principal for SuretyBonds.com and will be discussing the three basic types of construction bonds:

  • Bid bonds
  • Performance bonds
  • Payment bonds

Today we're starting with bid bonds.

Continue Reading...