4.3.1.3 General Purpose of Contractor Bonds.
| Jurisdiction | Arizona |
Although there are many types of bonds, the general purposes of construction surety bonds are the same. A bond is a surety’s agreement that, if the contractor is unable to pay or perform as required, and if the claimant satisfies the terms of the bond, then the surety will be called upon to pay or perform the contractor’s obligations.
The most common contractors’ bond is the contractor’s license bond. There are three types of contractors’ license bonds: commercial, residential, and recovery fund bonds...
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