What is the main purpose of obtaining a surety bond for a contractor?

The primary purpose of obtaining a surety bond for a contractor is to guarantee the completion of a job. A surety bond involves an agreement between three parties: the contractor (the principal), the project owner (the obligee), and the surety company that issues the bond. This bond ensures that the contractor will fulfill their contractual obligations, complete the work as agreed, and adhere to all terms and conditions defined in the contract.

If the contractor fails to complete the job or does not meet the contractual requirements, the surety company can provide compensation to the project owner. This protects the owner from financial loss and ensures that the project can be completed, either by funding the original contractor to finish the work or hiring a new contractor to complete it.

In contrast, while other options mention important aspects of construction and contractor relationships, they do not encapsulate the primary purpose of a surety bond like guaranteeing job completion does. Hence, option B correctly reflects the central aim of obtaining such a bond.