Arizona Performance Bond
Description
How to fill out Performance Bond?
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FAQ
Bonds are required for professionals in industries such as construction and auto sales, and they are a must for any contractors working on a construction project for the federal or state government, as well as contractors working on large commercial projects.
Surety bond premiums (the amount you pay) are often calculated as a percentage of the total bond amount, usually between 0.5% and 5% of the bond amount for applicants with good credit, and between 5% up to as much as 20% of the bond amount for applicants with poor credit.
Surety bonds generally cost 1-15% of the required bond amount. Costs vary significantly depending on the bond amount you need and your rate (which is the percentage of the full bond amount you must pay). You can get an instant estimate by using our bond premium calculator, or apply online to get a firm bond quote.
The cost of an Arizona contractor license bond can range from $100 to $1,000, depending on your license classification (Commercial General, Commercial Specialty, Residential General, or Residential Specialty) and estimated volume of work.
Table of Contents. A $5,000 surety bond can cost as little as $100 for applicants with a good credit score, or go as high as $500 for applicants with bad credit. As you can see, premiums for applicants with good credit are no more than 2.5%. Costs can go as high as 10% for applicants with a credit score lower than 600.
One key difference between performance bonds and surety bonds is the scope of their coverage. Performance bonds only cover a specific project, while surety bonds can cover multiple projects or ongoing business activities.
A performance bond is a type of contract construction bond that guarantees a contractor will complete a project ing to the terms outlined in a contract by the project owner, also called the obligee. The obligee can be a city, state, or local government, as well as the federal government or a private developer.
For applicants with good credit, surety bonds usually cost between 1% and 5% of their value. Therefore, for a surety bond of $5,000, an applicant with a strong credit history can expect to pay between $50 and $250.
