You can now apply online for a Florida Performance Bond - it only takes three (3) minutes! (Yep, we timed it.) Click here:
Or you Can download our Express Performance Bond Application (click to download form)
- Complete the form and email to [email protected]
- Be sure to include the Contract and Notice of Award letter (bid specs from the obligee).
- Send the bid results if you have them
What is a Performance Bond in Florida?
How do I get a Performance and Payment Bond in Florida?
We make it easy to get a contract performance bond. Just click here to get our Florida Performance Application. Fill it out and then email it and the Florida contract documents to [email protected] or fax to 855-433-4192.
You can also call us at (913) 562-6992. We thoroughly review each and every application for commercial bonds and then submit it to the surety that we believe will provide the best p & p bond for your matter. The surety broker will perform a credit check. We have a high success rate in getting our contractors performance bonds and payment bonds at the best rates possible.
Performance bond insurance in Florida?
The cost of a performance bond can vary widely depending on the amount of coverage that is required. It is based on the total amount of the contract. Things that can affect this pricing are the perceived risk of the job, the financial position of the entity being bonded, plus other factors.
How much do bonds cost in FL?
Bond prices fluctuate based on the job size. The cost of a bond is estimated through a couple of back-of-the-envelope calculations. In general, the cost is approximately three percent (3%) for jobs under $800,000 and then the percentage is lower as the contract amount increases. We work diligently to find the lowest premiums possible in the state of Florida. Please call us today at (913) 562-6992. We'll find you the very best rate possible for your maintenance bond or completion bond.
| Bond Amount Needed | Fee |
| <$800,000 | 2-3% |
| >$800,000<$1,500,00 | 1.5-3% |
| >$1.500,000 | 1-3% |
These rates are for Merit clients, Standard rates are higher
Just fill out our bond application here and email it to [email protected]
Find a Performance Bond near Me
What is a Payment Bond? Is it included with the Performance Bond? A payment bond is a bond that assures that the subcontractors and material vendors are paid. The payment provides that if the subcontractors are not paid timely and they make a valid claim, then the surety will pay them (and then collect and try from the general contractor).
What is a payment and performance bond? What is a contract bond?
Typically, a payment and performance bond are done together in the same contract by the surety. This way, the owner of the project is assured that the project can be completed pursuant to the terms of the contract and that it will not be liened by any contractor. The bond is performance security for the benefit of the owner.
Who Gets the Bond?
The general contractor is the entity that gets the bond. It is for the benefit of the owner (or in the case of government contract work, the governmental entity). It's the general contractor that has to apply for the bond and be underwritten before the performance and payment bond is written by the surety. This is also known as bonding a business.
How to Get a Performance Bond in FL
Just call us. We’ll work with you to get the best Florida bond possible.
We provide performance and payment bonds in each of the following counties:
Alachua
Baker
Bay
Bradford
Brevard
Broward
Calhoun
Charlotte
Citrus
Clay
Collier
Columbia
DeSoto
Dixie
Duval
Escambia
Flagler
Franklin
Gadsden
Gilchrist
Glades
Gulf
Hamilton
Hardee
Hendry
Hernando
Highlands
Hillsborough
Holmes
Indian River
Jackson
Jefferson
Lafayette
Lake
Lee
Leon
Levy
Liberty
Madison
Manatee
Marion
Martin
Miami-Dade
Monroe
Explore how a performance bond example can safeguard your project's success today!
Nassau
Okaloosa
Okeechobee
Orange
Osceola
Palm Beach
Pasco
Pinellas
Polk
Putnam
St. Johns
St. Lucie
Santa Rosa
Sarasota
Seminole
Sumter
Suwannee
Taylor
Union
Volusia
Wakulla
Walton
Washington
And Cities:
Miami
Tampa
Orlando
Fort Lauderdale
Jacksonville
Tallahassee
Key West
Miami Beach
Fort Myers
West Palm Beach
St. Petersburg
See our Georgia performance bond page here.
Navigating Performance Bonds in Florida: What Every Contractor Should Know
Performance Bonds vs. Bank Letters of Credit: Critical Differences You Must Understand
In our line of work, we’ve consistently observed that while both performance bonds and bank letters of credit provide financial assurance, they serve distinct roles. A performance bond is a guarantee by a surety company that a contractor will complete a project according to the terms of the contract. If the contractor fails, the surety steps in to cover the costs. On the other hand, a bank letter of credit is a direct financial obligation from the bank, promising payment to the beneficiary if the contractor fails to meet the contract’s conditions. From our perspective, performance bonds are more widely used in construction projects, offering broader protection, while letters of credit are typically used for other types of financial guarantees.
Are Performance Bonds Refundable? Unpacking the Non-Refundable Reality
We’ve often found that performance bonds are generally non-refundable. When a contractor purchases a performance bond, the premium paid to the surety company is considered the cost of obtaining the bond and is not refundable, even if the project is completed successfully without any claims. Our experience has shown us that this is because the premium is essentially a fee for the surety company taking on the risk, regardless of whether the bond is ever drawn upon.
What to Expect When Filing a Claim on a Performance Bond: A Contractor’s Guide
Through our own efforts, we’ve learned that when a claim is filed on a performance bond, it initiates a process where the surety company investigates the claim to determine its validity. If the claim is deemed valid, the surety has a few options: they can pay the claim amount to the obligee (the project owner), arrange for the completion of the project, or hire a new contractor to finish the work. We’ve come to understand that the contractor is still responsible for repaying the surety for any costs incurred, which is why it’s critical for contractors to meet their obligations to avoid claims.
The Process of Releasing a Performance Bond in Florida: Key Steps and Considerations
When Are Performance Bonds Released? Key Triggers and Timelines Explained
In our observation, performance bonds are typically released once the project is completed to the satisfaction of the obligee and all contractual obligations have been fulfilled. This release often coincides with the final payment or the issuance of a certificate of completion. We’ve encountered situations where the bond may remain in place until the end of a warranty period, ensuring that any defects in workmanship can be addressed. From our perspective, it’s crucial for contractors to understand the terms of their bond agreements to know when their obligations are fully discharged.
100 Percent Performance and Payment Bonds: The Ultimate Security for Your Project
We’ve had the chance to work on projects requiring 100 percent performance and payment bonds, which guarantee that the contractor will complete the project and pay all subcontractors, laborers, and suppliers. These bonds cover the full contract value, providing comprehensive protection to the project owner. In our practice, we’ve found that these bonds are particularly common in public construction projects, where ensuring both project completion and payment to all involved parties is critical.
How Long Does It Take to Obtain a Performance Bond? Factors That Impact the Timeline
Based on our experience, the time it takes to obtain a performance bond can vary depending on several factors, including the contractor’s financial standing, the complexity of the project, and the responsiveness of the surety company. We’ve observed that, for well-prepared contractors with a solid track record, the process can take anywhere from a few days to a couple of weeks. However, for more complex or high-risk projects, it could take longer. We’ve consistently found that starting the process early can help avoid delays that could impact the project timeline.
The Risks of an Expired Performance Bond: How to Protect Your Project and Reputation
We’ve come to the conclusion that if a performance bond expires before the project is completed, it can create significant risks for both the contractor and the project owner. Without an active bond, the project owner may lack financial protection against contractor default, and the contractor could face legal and financial repercussions. We’ve noticed through our work that it’s essential for contractors to monitor the expiration dates of their bonds and renew them if necessary to ensure continuous coverage throughout the project duration.
Conclusion: The Critical Role of Performance Bonds in Securing Construction Projects
We’ve consistently found that performance bonds play a vital role in safeguarding the interests of all parties involved in a construction project. From ensuring project completion to covering potential claims, understanding the intricacies of performance bonds is essential for contractors and project owners alike. Whether you’re navigating the differences between bonds and letters of credit or managing bond expirations, having a clear grasp of these concepts can make all the difference in the success of your projects.
See more at our Kentucky Performance Bond page. To get a Bid Bond in Florida go to this page. This is our Florida probate bond page.
