The FastTrack bond is for Payment and Performance bonds. This would be stuff like a contractor doing work for one of the Unified School Districts or on some commercial jobs. The rate is generally 3% of the job so a $100,000 job would cost $3,000 for a P & P bond.
When a contractor needs a "bid" bond it is to ensure that he is qualified to obtain a P & P bond for the amount of the bid. It is the same form and process to qualify one for a bid bond but the bid bonds are really cheap since they are not an actual bond but a statement that the contractor is bondable. These run anywhere from $50 to $150 each.
The purpose of a Payment and Performance bond is to guarantee that the job will be completed.