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.
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.