A Performance Bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract. It is also referred to as a contract bond. A performance bond is usually provided by a bank or an insurance company to make sure a contractor completes designated projects. The Miller Act instituted the requirement of placing performance bonds.
The Act covers all public work contracts $100,000 and above. These bonds are also required for private sector that necessitate the use of general contractors for their company’s operations. Jobs that require payment and performance bonds go through job or project bidding first. As soon as the job or project is awarded to the winning bidder, payment and performance bonds are provided as a guarantee for the completion of the project.
Application: Call underwriter for appropriate application at 1-800-452-7121
SPECIAL: NEW HOME REMODEL OR REPAIR BOND
Guarantee of funds, this new bond covers the money that a homeowner advances to the contractor in accordance with their written agreement and helps contractors make homeowners feel more secure when advancing monies.
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