PERFORMANCE, PAYMENT, BID, SUPPLY & REMODEL BONDS
JR Olsen Bonds & Insurance is a Nationwide Supplier of Surety Bonds
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.
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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.
Don’t see the specific bond you’re looking for? Chances are we probably offer it! There’s thousands of bonds out there and it would be impossible to list them all. Contact us today to get a quote for the specific bond you need.
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
Underwriting requirements and premiums may change without notice.