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Tennessee Payment Bond

Payment Bond

Name: Tennessee Payment Bond
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.55 (233 reviews)

Category:

Tennessee Construction - Contractors - Bonds

State:

Tennessee

Control #:

TN-LR067T

Format:

Instant download

Description

This Labor and Material Payment Bond ensures that the Principal (or contractor) and the Surety (bond company) commit to payment of all amounts that become due under the Contract with a property

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FAQ

A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. They are often required in conjunction with performance bonds.

The cost of a performance bond usually is less than 1% of the contract price; however, if the contract is under $1 million, the premium may run between 1% and 2%. Bonds may be more costly, depending upon the credit-worthiness of the contractor. Labor and material payment bonds are companions to the performance bond.

The Payment Bond protects certain laborers, material suppliers and subcontractors against nonpayment. Since mechanic's liens cannot be placed against public property, the payment bond may be the only protection these claimants have if they are not paid for the goods and services they provide to the project.

To get a Tennessee surety bond, people generally go to a surety bonding company. You are able to get a surety bond through a general insurance company, but choosing a surety bond company often means you can get better quotes. Learn about how to choose the best surety bond company.

The Performance Bond secures the contractor's promise to perform the contract in accordance with its terms and conditions, at the agreed upon price, and within the time allowed. The Payment Bond protects certain laborers, material suppliers and subcontractors against nonpayment.

On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.

Payment bond costs can vary but are often around 3% of the contract amount assuming the applicant has sound financials. For example, if your bond requirement is for $200,000, then a 3% premium would translate to a $6,000 bond cost.

Payment Bond

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