What is a Performance Surety Bond?
A Performance Surety Bond is required on certain size projects by federal, state, and local municipalities when a general contractor or other type of construction company would like to perform work on a public project. The Performance Surety Bond’s purpose is to provide a guarantee that a contractor who is awarded a project will perform the work according to the agreed upon contract. If the awarded contractor fails to perform, the Performance Surety Bond will provide funds in order to compensate the municipality or project owner for the costs to complete the remaining portion of the contract, etc.
What is the current market for a Performance Surety Bond?
Performance Surety Bonds are widely written by multiple surety bond markets. The bond amount is the total amount of the awarded contractor’s bid with the exception of any other percentage increase or decrease listed within the contract or pre-bid documents.
How do I apply for a Performance Surety Bond?
- Complete our online Performance Surety Bond application, or
- Download and complete our printable Performance Surety Bond application, and
- Receive your surety bond quote in minutes!