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Performance Surety Bond

Performance Bonds
Amounts vary by obligee or job owner

This bond will require a bit of paperwork at first. We try to make the process as simple as possible. Of course this is dependent upon the size of the project and complexity of the bond. These kind of bonds encompass both construction and non construction projects. Jane Bond Insurance Agency is participating Small Business Administration Agent. The process is rather straight forward.

For Bonds $250,000 and under - apply here:
For Bonds $250,001 and over - apply here:

 

 

Quick Quote
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Bid Bond - Flat fee ranges from $100 - $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    

Performance Bond:
A performance bond guarantees the owner that the principal will complete the contract according to its terms including price and time. The owner is the obligee of a performance bond, and may sue the principal and the surety on the bond. If the principal defaults, or is terminated for default by the owner, the owner may call upon the surety to complete the contract. Many performance bonds give the surety three choices: completing the contract itself through a completion contractor (taking up the contract); selecting a new contractor to contract directly with the owner; or allowing the owner to complete the work with the surety paying the costs. The penal sum of the performance bond usually is the amount of the prime construction contract, and often is increased when change orders are issued. The penal sum in the bond usually is the upward limit of liability on a performance bond. However, if the surety chooses to complete the work itself through a completing contractor to take up the contract then the penal sum in the bond may not be the limit of its liability. The surety may take the same risk as a contractor in performing the contract.

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

Performance Surety Bond

 
Contractor Performance Bond

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