Performance Bond

Paired with the payment bond, “Payment and Performance” bonds are one of the most common surety bonds offered in the market. It is a protection for the owner stating that the contractor will complete the project in accordance to what was agreed upon on the contract. This bond is usually submitted after the contractor wins the bid.

 

The bond rate and amount relies largely on the size of the job, the contractor’s credit rating and the company’s financial history. In the event that the contractor does not meet the requirements for a normal bond, other types of bonds can be writen for a significant larger premium for the contractors with less than average credit.

 

For more information, please feel free to call us at 1(815) 459-3300.