Missouri Subcontractor's Performance Bond
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How to fill out Subcontractor's Performance Bond?
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FAQ
A performance bond is a financial guarantee to one party in a contract against the failure of the other party to meet its obligations. It is also referred to as a contract bond. A performance bond is usually provided by a bank or an insurance company to make sure a contractor completes designated projects.
Performance Bonds A performance bond guarantees satisfactory performance of all duties specified in the contract. Examples would the labor of all sub-contractors, suppliers, and payment of materials. The principal will require the performance bond once awarded the contract.
When a contractor fails to abide by any of the conditions of the contract, the surety and contractor are both held liable. The three main types of construction bonds are bid, performance, and payment.
To secure your contractor's license in Kansas City, you must meet specific requirements: Must be 21 years old. Have a valid high school diploma or GED. Provide documentation proving you have experience. Appoint a supervisor to take an ICC accredited exam. Register business with Missouri Secretary of State.
A payment surety bond is a legal contract, a type of bond, that guarantees certain employees, subcontractors, and suppliers are protected against non-payment. Other common names for these include 'construction', and 'labor and material'.
You can check this by requesting a copy of the company's insurance (and bond) certificate and speaking with the issuer. For more information about insurance for contractors, call the Missouri Department of Insurance at (800) 726-7390.
Missouri contractor license bonds are not required for state licensing but are required by certain cities and counties. If you work in one of the cities or counties listed in the dropdown or table above, you must file a local compliance bond with the city or county directly before being licensed to work in the area.
While a bond is for the protection of the party that the contractor is working for, liability insurance protects the contractor in the event of an issue arising.