South Carolina Subcontractor's Performance Bond
Description
How to fill out Subcontractor's Performance Bond?
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FAQ
A Performance Bond, also known as a surety bond, contract bond or construction bond is a legal agreement issued by an insurance company. Performance bonds protect construction project owners by guaranteeing that the contractor will complete the construction project in ance with the terms of the contract.
A Performance Bond provides protection to the Owner of the project, up to the amount of the bond, should the contractor be unable to complete the project and be in default of the construction contract. The amount of the Performance Bond is typically 50% of the contract price or 100% of the contract price.
Performance Bond Costs Obviously the stronger a contractor, the lower the rate. The more risk to the bond company, the higher the rate. Typically, this scale is anywhere from less than 0.5% of the contract all the way up to about 3%.
The performance bond ensures that the sub's work will be completed on the project. ing to the agreement, if a subcontractor finds that it cannot complete a project, the surety company will step in and either help the sub complete the project or find another company to complete the work for them.
A subcontractor performance bond is a project specific contractual agreement between a subcontractor and a surety by which the surety guarantees to arrange for the completion of a subcontract if the subcontractor runs into trouble and fails to complete its scope of work on the project.
How to Calculate Performance Bond? First, determine the contract amount (C). Next, determine the percentage of the contract amount that the bond covers (P). Next, gather the formula from above = PB = (C * P) / 100. Finally, calculate the Performance Bond amount (PB).
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 / 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.
