Performance bonds guarantee that the contractor will adhere to the terms and conditions of the construction contract and build a project for the contract price. Project owners can be assured that the contractor has been evaluated through underwriting and that all elements are in check for the contractor to be able to meet this obligation.
From the Blog: "How the Cost of a Contract Bond Is Determined"
Another surety might have said “no” to this project, but I give credit to Old Republic for believing in the contractor and in me as the agent. Darrel chose not to take the easy way out and give up on it. He trusted me, and that means a lot in this business.
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