Ever heard a contractor say they are licensed, bonded, and insured? You probably already know what licensed and insured mean, but do you know what the bonded part of that statement implies, or why it matters?
There are two main types of bonds a contractor can obtain for a construction project: a performance bond and a payment bond. A performance bond ensures your contractor will perform per the contract terms and conditions, at the agreed-upon price, and within the time allowed. READ THE FULL ARTICLE