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These instruments guarantee the fulfillment of contract obligations. These contracts can involve both construction and other types of work or service required by public or privately-owned entities.
Bid or Proposal Bonds - guarantees the owner (Obligee) that a party bidding for a contract will, if the bid is accepted, enter into a contract and furnish the necessary bond.
Performance Bonds - this guarantees the owner that work will be completed according to the contract specifications.
Payment Bonds- (Labor & Material Bond) guarantees that the bills for labor and materials used in the work project will be paid as they become due.
Maintenance Bonds
Completion Bonds - this bond covers contracts that involve financing or design hazards.
Other Types of Bonds
Executor
License & Permit
Public Official Bonds
Wharton has a trained staff of insurance producers who will be able to provide you with the expertise needed to facilitate a bonding program with one of our many surety carriers.
For example, we work with a surety company for Small Contractor Bonding which does not necessarily require audited financials and may be underwritten with tax returns and other information.
