Illinois Bond-Surety

State:
Illinois
Control #:
IL-CC108
Format:
PDF
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Description

Bond-Surety Illinois Bond-Surety is a type of surety bond required by the state of Illinois to protect the public from any financial loss due to the failure of a contractor or other business to perform the duties outlined in a contract. There are three types of Illinois Bond-Surety: Performance Bond, Payment Bond, and Bid Bond. A Performance Bond guarantees that a contractor will complete the project according to the terms of the contract. A Payment Bond guarantees that all subcontractors, laborers, and suppliers will be paid in full as outlined in the contract. A Bid Bond guarantees that the contractor will be able to complete the project per the terms of their bid.

Illinois Bond-Surety is a type of surety bond required by the state of Illinois to protect the public from any financial loss due to the failure of a contractor or other business to perform the duties outlined in a contract. There are three types of Illinois Bond-Surety: Performance Bond, Payment Bond, and Bid Bond. A Performance Bond guarantees that a contractor will complete the project according to the terms of the contract. A Payment Bond guarantees that all subcontractors, laborers, and suppliers will be paid in full as outlined in the contract. A Bid Bond guarantees that the contractor will be able to complete the project per the terms of their bid.

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Illinois Bond-Surety