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Labor and Materials Bond

Surety Bond

Amounts vary by Obligee

 

Minimum $150

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Bid Bond - Flat fee ranges from $150 - $200 (annual fee)    
Labor and Materials Bond - 0.5 - 5% and higher    
Maintenance Bond - 0.5 - 5% and higher    
Performance Bond - 0.5 - 5% and higher    
Payment Bond - 0.5 - 5% and higher    
Service Contract Bond - 0.5 - 5% and higher    
Supply Bond - 0.5 - 5% and higher    
Credit, assets, history, prior projects will be reviewed    

Labor and Material Bond

Guaranty or security provided by a bonding or surety company to the owner (principal) of a construction project on behalf of a contractor. These bonds are issued usually with (and for the same amount as) performance bonds, and cover payment for all equipment, labor, materials, and services in the event the contractor fails to pay for them under to the terms of the contract.

 

General Note: Contract bonds can take anywhere from 24 hours to several days to obtain.

Labor and Material Surety Bond

 
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