Payment Bond
Often required alongside a performance bond. This bond is a guarantee that the contractor will pay all subcontractors, suppliers, and laborers in a timely manner.
Contract bonds are underwritten on a project by project basis. The exact cost of your bond will be based off several factors:
- Required bond amount
- Approved Contract Terms
- Contractor’s (the principal) experience & work history
- Contractor’s credit score
- Contractor’s financial statements (if requested)
