Labor & Materials Surety Bond
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Labor and MaterialsA
labor and materialsbond is an agreement in which security is provided by a surety company to the owner of a construction project on behalf of a contractor. Such bonds guarantees the owner that all bills for labor and materials contracted for and used by the contractor will be paid by the surety if the contractor defaults.
Labor and Materials BondDepending upon credit Labor and Materials bonds range from 1% to 10%
($125 minimum bond fee applies).