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Chapter 7 Contract Surety Bonds 7.1 SURETY BONDS IN CONSTRUCTION The use of contract surety bonds in the construction industry is but one of many applications of surety bonds in business and commerce.

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What is contract surety bonds?

Contract surety bonds are a type of surety bond that guarantees a contractor will fulfill their obligations under a contract.

Who is required to file contract surety bonds?

Contractors who are bidding on or working on projects that require a bond may be required to file contract surety bonds.

How to fill out contract surety bonds?

Contract surety bonds can be filled out with the help of a surety bond company or agent, who will guide you through the process.

What is the purpose of contract surety bonds?

The purpose of contract surety bonds is to protect the project owner in case the contractor fails to fulfill their obligations.

What information must be reported on contract surety bonds?

Contract surety bonds typically require information such as the project details, contractor information, and the bond amount.

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