You can now apply online for a Indiana 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 Indiana?
How do I get a Performance and Payment Bond in Indiana?
We make it easy to get a contract performance bond. Just click here to get our Indiana Performance Application. Fill it out and then email it and the Indiana 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 clients performance and payment bonds at the best rates possible.
Contract performance bond in Indiana?
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 IN?
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 Indiana. 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 IN
Just call us. We’ll work with you to get the best Indiana bond possible.
We provide performance and payment bonds in each of the following counties:
Adams
Allen
Bartholomew
Benton
Blackford
Boone
Brown
Carroll
Cass
Clark
Clay
Clinton
Crawford
Daviess
Dearborn
Decatur
De Kalb
Delaware
Dubois
Elkhart
Fayette
Floyd
Fountain
Franklin
Fulton
Gibson
Grant
Greene
Hamilton
Hancock
Harrison
Hendricks
Henry
Howard
Huntington
Jackson
Jasper
Jay
Jefferson
Jennings
Johnson
Knox
Kosciusko
La Porte
Lagrange
Lake
Lawrence
Madison
Marion
Marshall
Martin
Miami
Monroe
Montgomery
Morgan
Newton
Noble
Ohio
Orange
Owen
Parke
Perry
Pike
Porter
Posey
Pulaski
Putnam
Randolph
Ripley
Rush
St. Joseph
Scott
Shelby
Spencer
Starke
Steuben
Sullivan
Switzerland
Tippecanoe
Tipton
Union
Vanderburgh
Vermillion
Vigo
Wabash
Warren
Warrick
Washington
Wayne
Wells
White
Whitley
And Cities:
Indianapolis
Fort Wayne
Evansville
Bloomington
South Bend
Carmel
Columbus
Terre Haute
Muncie
Elkhart
Gary
See our Iowa Performance Bond page here.
Discover what is performance bond refundable today for peace of mind tomorrow!
Why Understanding the Distinction Between Performance Bonds and Letters of Credit is Crucial
In our professional life, we’ve often noticed that businesses sometimes confuse performance bonds with bank letters of credit. While both financial instruments provide assurance, they serve different purposes. A performance bond guarantees the completion of a project or purchase contract according to the terms of the agreement, protecting the obligee if the contractor fails to perform. On the other hand, a bank letter of credit is a payment guarantee, ensuring that the contractor will be paid if the work is completed as specified. We’ve found that understanding these distinctions is crucial for businesses to choose the right financial tool for their projects.
Exploring the Refundability of Performance Bonds
We’ve come across numerous situations where clients have asked if performance bonds are refundable. Based on our experience, performance bonds are typically non-refundable. The premium paid for a performance bond is considered earned once the bond is issued, much like an insurance policy. However, there are instances where partial refunds may be available, especially if the project is completed early or the bond is canceled before its term. We’ve observed over time that clarity in bond terms is essential to manage expectations regarding refunds.
Filing a Claim on a Performance Bond: What’s at Stake for Contractors
From our perspective, one of the most critical aspects of performance bonds is what happens when a claim is filed. We’ve been involved in cases where contractors failed to meet contractual obligations, leading to claims on their performance bonds. When a claim is filed, the surety company investigates the claim to determine its validity. If the claim is justified, the surety may either cover the costs to complete the project or compensate the obligee for financial losses up to the bond amount. Our experience has shown us that contractors must understand the potential consequences of claims on their bonds, including possible impacts on their future bonding capacity.
The Process of Releasing Performance Bonds: Key Considerations
In our line of work, we’ve consistently found that the release of performance bonds is a topic of great interest to contractors and project owners alike. We’ve had the privilege to work on projects where the exact bond was released only after the completion of all contractual obligations, including any warranty periods. The release typically occurs once the obligee is satisfied that the contractor has fulfilled the contract terms and no further claims are anticipated. Our experience tells us that clear communication and documentation are key to ensuring the timely release of performance bonds.
A Closer Look at 100 Percent Performance and Payment Bonds
We’ve learned through doing that a 100 percent performance and payment bond provides comprehensive protection for both the obligee and subcontractors. This type of bond covers the full contract amount, ensuring that the project will be completed and that all subcontractors and suppliers will be paid. We’ve encountered situations where this bond type was essential for large-scale projects, providing peace of mind to all parties involved. We’ve gained insight into the importance of securing such bonds, especially in complex construction projects where financial risks are significant.
Securing a Performance Bond: How Long Will It Take?
In our observation, the timeline for securing a performance bond varies depending on several factors, including the contractor’s financial standing and the project’s scope. We’ve had firsthand experience with bond applications that were processed within a few days, while others took weeks due to additional documentation requirements. We’ve realized that being well-prepared with financial statements, project details, and references can significantly expedite the process. We’ve consistently observed that early engagement with a surety provider is beneficial in avoiding delays.
See more at our Idaho Performance Bond page.
The Consequences of an Expired Performance Bond: What You Should Know
From our own observations, we’ve identified that the expiration of a performance bond can have serious implications for contractors and obligees. We’ve been directly involved with projects where bond expiration led to lapses in coverage, leaving parties vulnerable to financial losses. If a bond expires before the project is completed, it may need to be renewed or replaced to maintain compliance with contractual requirements. We’ve come to recognize that managing bond terms and expiration dates is critical to ensuring continuous protection throughout the project’s lifecycle.
