 just my .02
Not being a lawyer, I can't say what all the legal issues are but one thing occurs to me. I will assume that you are the party that is to perform a service and the other party in the contract is paying you for that service. Seems to me that the other party could wait till you performed the service and when it comes time to pay, ask you to produce proof of the bond. If you can't produce it and the contract requires it, it sounds to me as if you have not met the requirements of the contract and they could make a case for not paying you. You asked for "worst case". If they have a good lawyer and you don't, the worst case would be that you do all the work and don't get payed.
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