The Right Bond for the Right Project
From protecting the public to protecting your business, bonds help keep projects compliant and on track. The Chris Batten Agency offers a variety of bond services, including:
Bonds
Bid Bonds
Provide compensation to the bond owner if a bidder cannot meet contract terms. Typical required amount ranges from 5% to 10% of the tender price, depending on contract terms, bid amount, and jurisdiction.
Performance Bonds
Replace bid bonds when work begins. Protect the owner from financial loss if the work does not meet contract standards. In cases of poor workmanship, the owner may file a claim to recover the cost of correction.
Payment Bonds
Guarantee that subcontractors and suppliers will be paid. Often required alongside performance bonds.
Contract and Construction Bonds
Required for public and many government projects in Texas. Contractors bidding on projects provide these bonds to help protect against default or failure to complete a project and its specifications.