Bond or Bonding 3
Bond or Bonding 3 : An amount of money (usually $5,000-$10,000) which must be on deposit with a governmental agency in order to secure a contractor's license. The bond may be used to pay for the unpaid bills or disputed work of the contractor. Not to be confused with a performance bond. They are an insurance policy which guarantees proper completion of a project. Such bonds are rarely used in residential construction
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