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The federal Miller Act mandates the use of contract surety bonds for all public construction projects that exceed $100,000. However, some laws at state, county and city levels mandate their use on public projects that cost much less. Although they a

Learn About Surety Bonds In Construction.

For projects valued at $500,000 or less, our expert surety specialists need at least 48 hours to process applications and underwrite performance bonds. Projects valued at more than $500,000 could require additional time for processing and underwriting.

Get Your Performance Bond Fast.

If your project will be contracted for more than $250,000, you'll have to provide additional financial credentials when submitting your application. Once financial records have been reviewed, the application has been approved and payment has been received, your underwriter will issue the bond.

What is your personal credit score?

How long has your company been in existence?

Have you ever been bonded before?

If your project will be contracted for $250,000 or less, you'll have to answer the following questions during the application process.

Your premium will vary for a number of reasons such as the project's bid amount, your financial credentials and your past work history. Qualified contractors who work with SuretyBonds.com typically pay a rate that's just 2.5 to 3 percent of the bond amount. This means if you've been contracted for a $100,000 project, you could pay just $2,500 to $3,000 for your performance bond.

Pay A Low Performance Bond Cost.

When a developer wants to protect the investment made in a project, the contractor that won the bid is required to provide a performance bond before work can begin. In short, this bond type guarantees that a contractor will complete a project according to contract. If the contractor fails to do so, the developer can make a claim to keep from losing money. Oftentimes performance bonds are issued in conjunction with , and together they are among the most common used in the market.

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