A Payment and Performance Surety Bond guarantees that a contractor will pay all suppliers and subcontracts for labor and materials and faithfully perform all duties set forth in a contract.
A Payment and Performance Surety Bond must be a contract requirement. Contractors that are awarded a contract through the bid bond process for such projects as a state Department of Transportation (DOT) project or a Federal project (AIA) are generally required to obtain a payment and performance bond.
SuretyGroup.com has surety bond programs in place for Payment and Performance Bonds for all contract sizes and classes of business.
Our traditional Contract Bond Kit is for contractors looking to get set up for Payment and Performance Bonds. You can also use our Bond Kit if you are interested in the SBA's Surety Bond Guarantee Program.
You will need to provide the following documents to apply for a Payment and Performance Surety Bond:
You can fax your surety bond kit to 2 404‑351‑32372.
The premium that you pay for a Payment and Performance Surety Bond will depend on the contract amount, work on hand, experience, financial statements, and other factors.
Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.