What type of bonding is typically required for contractors?

The type of bonding that is typically required for contractors is indeed a contractor's bond. This specific bond is designed to protect clients and the general public from financial loss due to a contractor's failure to fulfill their contractual obligations. It serves as a guarantee that the contractor will adhere to all relevant laws and regulations while completing the project.

A contractor's bond ensures that if the contractor does not fulfill their duties, the client or affected party has recourse for compensation, which helps build trust in the contracting profession. This bond is often a prerequisite for obtaining the necessary licenses to operate legally within a specific jurisdiction.

The other options, while related to bonding, do not capture the specific requirement for contractors as effectively. A commercial bond generally covers a broader range of business activities, while a performance bond specifically guarantees the completion of a project according to contract terms, and a surety bond is a more general category of bonding that includes both performance and contractor bonds but does not specifically define the bonding requirement for contractors.