A Performance Bond is a non-cancelable commitment issued by the surety to the owner of the project (obligee) guaranteeing that the Contractor will complete the specified work in accordance with the contract’s terms and conditions.
Performance Bonds (Final Bonds) are usually required on all Public Sector jobs and many Private ones. Whoever initially requires bid bonds customarily need to be issued final bonds within 30 days of the award date or prior to any contract payment.
The premium rate for Performance Bonds varies based on the contract price, type of work and strength of the Contractor. The rate can range from less than 1% to over 4% of the total contract price.
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The Warnock Agency was founded 20 years ago with on simple goal: delivery surety bonds more quickly and easily than any other surety agency. We specialize in helping contractors with all their bonding needs, bid contracts large and small, and help construction and service companies grow their business through bidding bonded projects.