How Much Does a Performance Bond Cost?

Answer

The performance bond is paid by the general contractor. It also assures the owner that the work will be completed and the insurance will cater for any damages. Performance bonds are normally standard for public jobs. The cost for the performance bond is paid for by the general contractor, who includes the cost in the company's bid for the project. This cost depends on a variety of factors which are: the total cost of the work and the type of construction being performed. The cost can range between 1 percent to 5 percent of the estimated cost of construction. If the issuing company highlights that bonding the contractor is a risky investment, the upfront costs for bonding are be higher.
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