Mobilization Advance Bond
When the obligee (owner) is pre-financing a contract, a bond known as a mobilization advance bond is necessary. This bond allows him to guarantee the return of the advance.
Performance Bond
After a bid is accepted and a contract is awarded, a performance bond is needed to ensure that the contract will be completed in whole and…
Supply Bond
Performance bonds and supply bonds have comparable purposes. They are granted in exchange for agreements to provide machinery, supplies, and items at predetermined times and locations.