Florida Performance Bond
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How to fill out Performance Bond?
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FAQ
The state's ?Little Miller? Act requires the primary contractor to procure a surety bond for any public construction exceeding $100,000. This provision aims to protect government property from being encumbered by a mechanics lien; it also protects lower tier subcontractors from going unpaid.
A performance bond is a specific type of surety bond that guarantees to the project owner, or obligee, that the contractor's work will meet their contractual obligation. In other words, the work will be completed per the terms and conditions of the contract.
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 guarantee in favor of one party to a contract to protect against the failure of another party to meet its obligations. Because it focuses on performance, the bond relates to the satisfactory completion of the project in ance with the project plans and specifications.
Performance bonds are a subset of contract bonds and guarantee that a contractor will fulfill the terms of the contract. If they fail to do so, the Surety company is responsible for completing the contract obligations, either by securing a new contractor to complete the job or by financial compensation.
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.
How much do bonds cost in FL? Bond Amount NeededFee<$800,0002-3%>$800,000<$1,500,001.5-3%>$1.500,0001-3%
