What is a Completion Bond intended to assure?

A Completion Bond is specifically designed to provide assurance that a construction project will be completed according to the contract terms and within the stipulated timeframe. This type of bond is crucial for lenders and project owners, as it safeguards against the risk of a contractor failing to fulfill their obligations, whether due to financial difficulties or performance issues.

The bond essentially guarantees that, should the contractor default on their responsibilities, the surety company will step in to ensure the project is completed, either by providing additional funding or hiring a new contractor to finish the job. This element is vital for maintaining project timelines and managing stakeholders' expectations.

In contrast, while budget adherence, quality standards, and payment to subcontractors are essential considerations in construction projects, these aspects are typically addressed by other types of agreements or measures, rather than the Completion Bond itself. Thus, the primary intent of a Completion Bond is to ensure timely completion, making option B the correct answer.