Bonds & Surety
Performance Bonds Surety, explained.
Guarantees the project gets finished per the contract, often required on bigger jobs.
Performance Bonds
A performance bond guarantees that you will complete the project according to the contract’s terms. If you fail to perform, the surety steps in to complete the work or pay the obligee’s damages.
Inside a Performance Bonds policy.
Guarantee of contractual performance
Pays to complete the project if the contractor fails
Issued at 100% of contract value (typical)
Issued in tandem with payment bonds
Backed by the surety market’s underwriting of your business
Is this for you?
Contractors bidding bonded public works projects
Subs working under bonded GCs
Contractors on large private projects requiring bonding
Companies bidding for federal or state work
Anyone competing in the bonded job market
Plain language answers.
What does a performance bond cost?
Typically a percentage of contract value (often 1 to 3%), based on the contractor’s financial picture and history.
How is bonding capacity set?
By the surety, based on financials, work in progress, experience and references. We help build it.
What if I want to grow capacity?
CPA prepared statements, organized WIP schedules and a relationship with the surety underwriter are the levers. We help you put them in place.
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Ready for a Performance Bonds quote?
A short form or a quick call. We’ll shop it across 50+ carriers and come back with options.