Which of the following is NOT one of the three basic bonds a contract may be required to purchase?

In the context of contracts, particularly in construction and similar fields, the three basic types of bonds typically required are the Bid Bond, Payment (or Labor and Materials) Bond, and Performance Bond.

The Bid Bond is designed to ensure that a contractor submits a legitimate bid and, once selected, will sign the contract and provide the required bonds. The Payment Bond guarantees that the contractor will pay their subcontractors and suppliers for labor and materials provided on the project. The Performance Bond ensures that the project is completed according to the terms of the contract.

A Contract Bond is not categorized among these three basic bonds as it is more of a general term that can sometimes encompass performance bonds or payment bonds rather than being a distinct type. Thus, this distinction clarifies why a Contract Bond does not fall into the category of the three essential bonds commonly associated with contracts in construction and similar industries.