Virginia Renewable Performance Bond
Description
How to fill out Renewable Performance Bond?
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FAQ
A performance bond is a three-party arrangement between you (the principal), the surety and the project owner (also called the Obligee). In essence, the surety company is agreeing to guarantee that your company will perform its contractual obligations to the project owner.
Under a typical performance bond, a surety has four options after the principal defaults: work with the principal to cure the default; complete the contract itself; procure a replacement contractor to complete the contract, or pay the costs to complete the contract (up to the bond limit).
The Virginia Contractor License surety bond can cost anywhere between $350 to $2,500 per year or $35 to $250 per month.
Performance bonds are refundable, but it depends on the situation.
Performance Bonds and other Contract Surety Bonds provide valuable protection for all parties. Part of the protection is a guarantee that they cannot be canceled.
They serve as a guarantee on the contractor's behalf that the construction project will be completed in ance with the agreed-upon terms and conditions. They are obtained by the contractor, and money put into the bond can only be returned to them upon completion of the project.
The contractor will engage with a bond provider, or surety, to provide a performance bond for that project. In order to get a performance bond, the contractor agrees to pay the surety a small percentage of the total bond amount, usually between 1% and 4%.
Disadvantages of Performance Bonds A surety may accuse an owner of not complying with a bond agreement to avoid paying the owner. Another disadvantage is underestimating losses which means getting less money from a surety to complete the project. A surety may also try to settle for the least expensive solution.