Payment and Performance Bonds
Performance bonds are commonly used in the construction and development of real property, where an owner or investor may require the developer to assure that contractors or project managers procure such bonds in order to guarantee that the value of the work will not be lost in the case of an unfortunate event (such as insolvency of the contractor). In other cases, a performance bond may be requested to be issued in other large contracts besides civil construction projects. The term is also used to denote a collateral deposit of “good faith money”, intended to secure a futures contract, commonly known as margin. Performance bonds are generally issued as part of a ‘Performance and Payment Bond’, where a Payment Bond guarantees that the contractor will pay the labor and material costs they are obliged to. Performance bonds have been around since 2,750 BC and, more recently, the Romans developed laws of surety around 150 AD, the principles of which still exist.
If your company is in need of a Performance Bond, we can help you obtain favorable terms for all your bonding needs! We have a great market for bonds under 250,000 in value. This market has a simple application and quick underwriting time. For larger bonds, we have several brokerages to approach for favorable terms. Click below to get started today!
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Do you need a Bond for your City, County or for the State? We can help you get any bond needed to do business in Florida. Most bonds in Florida are a quick affordable process. Complete the form below to get yours started today!