Maine Surety Certification is a program offered by the Maine Department of Transportation that provides surety bonds to contractors and subcontractors who are bidding on public works projects. This program helps protect the state’s taxpayers from financial loss if a contractor fails to complete a project. There are three types of Maine Surety Certifications: Bid Bond, Performance Bond, and Payment Bond. A Bid Bond is a guarantee that a contractor will enter into a contract and perform the work at the bid price. A Performance Bond ensures that the contractor will complete the project according to contract specifications. A Payment Bond protects the state from any unpaid bills from subcontractors, suppliers, and other relevant parties.
Maine Surety Certification
State:
Maine
Control #:
ME-SKU-0109
Format:
PDF
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Description
Surety Certification
Maine Surety Certification is a program offered by the Maine Department of Transportation that provides surety bonds to contractors and subcontractors who are bidding on public works projects. This program helps protect the state’s taxpayers from financial loss if a contractor fails to complete a project. There are three types of Maine Surety Certifications: Bid Bond, Performance Bond, and Payment Bond. A Bid Bond is a guarantee that a contractor will enter into a contract and perform the work at the bid price. A Performance Bond ensures that the contractor will complete the project according to contract specifications. A Payment Bond protects the state from any unpaid bills from subcontractors, suppliers, and other relevant parties.
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