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Performance Bond

There are several categories of contract bonds (construction bonds, payment bonds, performance bonds, or subdivision bonds) all of which are three-party agreements between the contractor, owner as oblige, and the surety.

Performance bond issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.

A performance bond is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.

A job requiring a payment & performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion.

For example, a contractor may cause a performance bond to be issued in favor of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract, the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.

Name:    (required)
Email:    (required)
Phone:   
Preferred contact:    phone email
   
Business Name:   
Business Address:   
Owner's Name:   
Percentage of Ownership:   
Years in Business:   
Years Experience in Field:   
   
Entity Requesting Bond:   
Bond Amount:   
   
How is your credit?   
Do you own real estate?    yes no
Annual Receipts / Sales:    (estimated)
 
Has the applicant, stockholder or indemnitor ever:
been cancelled by a surety?    yes no
had a bond claim?    yes no
declared bankruptcy?    yes no
had or have prior or pending tax liens?    yes no
had or have prior or pending lawsuits?    yes no
been convicted of a felony?    yes no

 
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