Bid & Performance Bonds
A bid bond is used as a guarantee for bids submitted on contract proposals. The bond will guarantee that the contractor or construction company will uphold the parameters of the bid being presented to the developer.
To request a bid bond please complete:
- Projects Under $250,000 Bond Request Form
- Projects Above $250,000 Bond Request Form and additional Personal Financial Statement
What to anticipate:
- All Bid Bonds require personal credit reports
- Projects over $250,000 require additional financial data
Payment and Performance Bond
A payment and performance bond is a guarantee by the surety company that principal will perform the duties detailed by the contract, normally on a construction project. The surety also guarantees that the principal will pay for the labor and materials used in the project.
- Payment bonds are normally 100% of the contract amount
- Cost of the bond is dependent on financial standing of the principle