A Performance Bond guarantees that a contractor will faithfully perform all duties set forth in the contract and complete the project according to all contract specifications. A Performance Bond is usually issued in conjunction with a Payment Bond and they are often referred to as a single bond, a Payment and Performance Bond.
SuretyGroup.com has bond programs in place for Payment and Performance Bonds for all contract sizes and classes of business.
The contract process usually starts with a bidding process. Upon the bid award, the contractor in many cases will need to secure a performance bond to ensure that the project is completed. The bond process includes going through underwriting, in which an underwriter will review business financial statements, work on hand, references, experience in the industry, availability of equipment and manpower need to complete the work and other factors that may be applicable to the particular project being awarded.
Our Traditional Bond Kit is for contractors looking to get set up for bid, payment and performance bonds. You can also use our Bond Kit if you are interested in the SBA's Surety Bond Guarantee Program for federal government contractors.
Items needed to request a bid bond:
How Much Will This Bond Cost?
The premium you pay for a Performance Bond varies based on the amount of the contract, work on hand, experience, business financial statements, and other criteria.
More Surety Bond Questions?
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.