Hillsborough Florida Subcontractor's Performance Bond

Name: Hillsborough Florida Subcontractor's Performance Bond
Brand: US Legal Forms
Rating: 4.78 (273 reviews)

Category:

Contracts - Performance Bonds

State:

Multi-State

County:

Hillsborough

Control #:

US-1006BG

Format:

Instant download

Description

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor or, in this case, a subcontractor.

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FAQ

Subcontractor Payment And Performance Bonds Explained In contrast a subcontractor payment bond is a contractual agreement between a surety and a subcontractor for a particular project. It is designed to ensure that the cost of the labor and materials used and contracted for by the subcontractor are paid in full.

The cost of a performance bond usually is less than 3% of the contract price, but may rise to 4%. It can be more expensive if your credit rating isn't strong. Labor and material payment bonds are companions to the performance bond.

A subcontractor payment bond is a project specific contractual agreement between a subcontractor and a surety by which the surety guarantees payment for the labor and materials contracted for and used by the subcontractor on the project.

In most cases, you will first need to obtain a bid bond before bidding on a project. Only after winning the project would you need to pick up a performance bond for the project. Even though all this may sound complicated, surety bonds, including performance bonds, are not too difficult to get.

How Much Does a Performance Bond Cost? The cost of the bond is based on the amount of the contract.As a good rule of thumb, most preferred contractors get rates between One to Three Percent (1-3%) of the value of the contract with riskier contractors getting additional costs of 1-1.5%

The cost of a performance bond usually is less than 1% of the contract price; however, if the contract is under $1 million, the premium may run between 1% and 2%. Bonds may be more costly, depending upon the credit-worthiness of the contractor. Labor and material payment bonds are companions to the performance bond.

To release a Performance Bond, call the bonding company and inform them that you no longer need it. Fill out their bond release form when they send it to you and return it back with your signature.

3 Types of Construction Bonds Bid Bonds. In the construction industry, contractors bid for construction contracts.Performance Bonds. These type of construction bonds guarantee that the contractor will complete the project according to the terms of the construction contract.Payment Bonds.

A construction bond is a type of surety bond used by investors in construction projects. The bond protects against disruptions or financial loss due to a contractor's failure to complete a project or failure to meet project specifications.

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A surety bond ensures contract completion in the event of contractor default. Hillsborough County requires that those applying to become licensed contractors obtain a surety bond.The performance aspect of the Bond guarantees to FDOT. Designated stages of completion, if stipulated in the Notice to Proceed. Provide said bidder with a Performance Bond in the full amount of the bid.

Hillsborough Florida Subcontractor's Performance Bond

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