Oklahoma Performance Bond
Description
How to fill out Performance Bond?
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FAQ
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.
Typical cost of a Performance Bond Rates for performance bonds can differ depending on the qualification of the contractor, as well as type and size of the contract. The rate paid is typically a percentage of either the contract amount or bond amount. The average rates and costs can range from 1% - 5%.
A Performance Bond Example in Action A general contractor gets hired by a city to handle a large renovation project. The work contract stipulates the budget and timeline for the project. It also requires a performance bond. The general contractor secures the required bond, finalizes the contract, and starts renovating.
Performance Bonds / Contract Bonds are a type of Surety Bond and are written promises to pay for direct loss or damage suffered by a third party as a result of a breach of contract and are typically issued for 10% of the contract value.
Parties to a Performance Bond The principal (usually a contractor), is the person or company who is providing a service. The obligee is the party that is paying the principal to perform certain work. The surety is the party that provides a performance bond to guarantee that the principal will complete their work.
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.
What is the typical cost of a Performance Bond? The cost of a performance bond usually is less than 3% of the contract price, but may rise to 4%. It can be more expensive if your credit rating isn't strong. Labor and material payment bonds are companions to the performance bond.
A payment bond and a performance bond work hand in hand. A payment bond guarantees a party pays all entities, such as subcontractors, suppliers, and laborers, involved in a particular project when the project is completed. A performance bond ensures the completion of a project.
