Performance Bond
What is a Performance Bond?
A Performance Bond is a type of Contract bond that ensures that a contractor will complete a project according to the contract terms.
Protects project owners against financial loss if the contractor fails to fulfill their obligations.
To hold contractors accountable and provide a financial safety net for project owners.
Contractor’s financial and credit history, project details, and contract amount.
Generally 1-3% of the contract amount, depending on the contractor’s creditworthiness and the project size.
