Performance Bonds

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.

How is the cost of a bond determined?

Some contract surety bond costs are related to a contractor’s qualifications, while others are based on the scope of work or the classification of construction work that is being completed. The contract price is also a factor. Learn more about how the cost of a bond is determined from our Blog.

New to contract bonds? We have the answers to all your questions.

More from our blog:

Getting Paid on Federal Projects: How Subcontractors Can Obtain Payment Bond Information

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.

Ray Paiement Vice President and Partner
Anchor Insurance & Surety / Eugene, OR

Performance Bonds