Performance, Bid, Supply & Remodel Bonds
PERFORMANCE BOND OVERVIEW:
A Performance Bond guarantees that a contractor will adhere to the terms and conditions of a contract. The winning bidder, upon award of the contract, submits this bond. Generally, performance bonds and payment bonds are issued together since they are closely related. A Payment Bond guarantees that a contractor will pay suppliers, laborers, and subcontractors (subject to contract terms) for the labor and materials they have provided. When you get both bond types together, it’s usually termed a Performance and Payment Bond.
Submissions under $450,000.00: One Page Application
2% rate or higher based on credit
1 page application
Please include contract and bond forms
Please include personal financial statements
2 day turnaround
Submissions over $450,000.00
Rates start at 1% to 3% based on credit, experience, etc.
1 week turnaround on new submissions
Application: Call underwriter for appropriate application at 1-800-452-7121
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ALL ONLINE APPLICATIONS ARE SECURE
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