Performance Bonds

Performance Bonds

Performance bonds ensure that contracted projects are completed according to the agreed terms and are commonly used in all 50 states for jobs of all sizes. Often, a contractor may be obligated to secure a performance bond that guarantees adherence to contracted agreements and specifications. Like any other form of surety bond, a performance bond is a form of protection for the developer of a project and a form of credit for the contractor.

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Many jobs also require a bid bond to bid selected projects (prior to getting a performance bond). You can learn more and get a quote for a bid bond here.

A performance bond provides protection for the following parties:

  • Contractor, who can be held accountable if he or she fails to deliver on the terms of the contract. The surety provider will receive and pay any claims filed by the obligee in the contractor’s credit, but will seek full reimbursement from the contractor. Although it does not shed financial responsibility from the contractor, the bond does supplement his credibility as a reliable and responsible businessman.
  • Obligee, the developer or owner of the contracted project, whose investment in the project is protected by the bond. It provides them with a guarantee that the contractor they hired will deliver the work promised, and if he or she does not deliver, it provides reimbursement for any resulting financial loss the obligee may have suffered.

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