Updated June 2010*
This guide explains and provides practical advice on bid bonds, performance bonds, labour & material bonds, and construction lien bonds – collectively referred to in this guide as construction bonds.
Understanding the general concepts and principles common to all construction bonds is useful when dealing with any particular type. For that reason, this guide begins by explaining basic construction bond principles followed by a brief description of the basic bond types. Each type is then covered separately with an explanation of its function and advice on its use.
* This is a revised and updated version of a paper originally prepared by Hannelie Stockenstrom in 2007.
(PDF Format, 19 pgs)