Contract Surety Bonds offer financial security and construction guarantee on building and construction projects by assuring the project owner (obligee) that the contractor (principal) will carry out the work and pay certain subcontractors, laborers, and material suppliers.

Contract surety bonds include:

• bid bonds, which provide financial assurance that the bid has been submitted in good faith, and that the contractor intends to enter into the contract at the price bid and supply the required performance and payment bonds.
• performance bonds, which protect the owner from financial loss should the contractor fail to perform the contract in agreement with its terms and conditions.
• payment bonds, which promise that the contractor will pay certain subcontractors, laborers, and material suppliers connected with the project.
• maintenance bonds, which normally provide assurance against defective workmanship or materials for a specified period.
• subdivision bonds, which guarantee to a city, county, or state that the principal will finance and construct certain improvements such as street, sidewalks, curbs, gutters, sewer, and drainage systems.

Otterstedt Agency represents over 20 companies who specialize in contract surety. In addition to not only being able to offer your company access to some of the industries greatest sureties to maximize your bonding capacity, we also represent companies that can promise a 72 hour turnaround time for bid and performance bond requests under $300k for those firms just entering the public sector. Attached are our new submission requirements. Please feel free to review the attached and contact one of our surety experts to discuss further.

Commercial Surety Bonds
Fidelity Bonds
ERISA Bonds