You can now apply online for a West Virginia 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 gary@swiftbonds.com
- 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 West Virginia?
How do I get a Performance and Payment Bond in West Virginia?
We make it easy to get a contract performance bond. Just click here to get our West Virginia Performance Application. Fill it out and then email it and the West Virginia contract documents to gary@swiftbonds.com 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.
Ensure your peace of mind with our cutting-edge performance security solutions today!
How Much Does a Performance Bond Cost in West Virginia?
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 WV?
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 West Virginia. 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 gary@swiftbonds.com
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 WV
Just call us. We’ll work with you to get the best West Virginia bond possible.
We provide performance and payment bonds in each of the following counties:
Barbour
Berkeley
Boone
Braxton
Brooke
Cabell
Calhoun
Clay
Doddridge
Fayette
Gilmer
Grant
Greenbrier
Hampshire
Hancock
Hardy
Harrison
Jackson
Jefferson
Kanawha
Lewis
Lincoln
Logan
McDowell
Marion
Marshall
Mason
Mercer
Mineral
Mingo
Monongalia
Monroe
Morgan
Nicholas
Ohio
Pendleton
Pleasants
Pocahontas
Preston
Putnam
Raleigh
Randolph
Ritchie
Roane
Summers
Taylor
Tucker
Tyler
Upshur
Wayne
Webster
Wetzel
Wirt
Wood
Wyoming
And Cities:
Charleston
Morgantown
Huntington
Beckley
Martinsburg
Wheeling
Parkersburg
Fairmont
Clerksburg
Princeton
See our Wisconsin Performance Bond page here.
Navigating the Distinct Roles of Performance Bonds and Bank LOCs
From our perspective, the differences between performance bonds and bank letters of credit are pivotal in determining project security. Performance bonds guarantee the completion of a project according to contractual terms, whereas bank letters of credit act as financial assurance that payments will be made, regardless of performance. We’ve consistently observed that while both offer security, a performance bond provides more comprehensive protection for project owners, safeguarding them from contractor default.
Performance Bonds and Refunds: The Hard Truth for Contractors
In our experience, performance bonds are typically not refundable. Once a bond is issued, the surety takes on a degree of financial risk, and the premium paid compensates for that exposure. We’ve found that even if a project is canceled or doesn’t proceed as planned, the premium is generally non-refundable, as it reflects the risk assumed by the surety company from the outset.
What’s The Next Step After a Claim Is Filed on a Performance Bond?
We’ve encountered situations where a claim is filed on a performance bond, triggering an investigation by the surety company. If the claim is valid, the surety steps in, either by ensuring the project is completed or by compensating the project owner for their losses. Our experience tells us that contractors must be prepared to reimburse the surety for any payout, making it vital to prevent claims by meeting contractual obligations.
A Contractor’s Guide to the Performance Bond Release Process
We’ve come to understand that performance bonds are usually released once a project is successfully completed and all contractual obligations are met. We’ve consistently observed that a final inspection or approval is often required before the bond is released, and in some cases, a maintenance period may be stipulated to cover potential defects after project completion.
Exploring the Full Scope of 100 Percent Performance and Payment Bonds
We’ve noticed in our work that a 100 percent performance and payment bond offers extensive protection. This bond ensures both the completion of the project and the payment of subcontractors and suppliers. Our experience has shown us that this type of bond is a valuable asset in large projects, as it provides assurance that no financial gaps will hinder progress.
Performance Bond Approval Time: What You Should Expect
We’ve been in a position to witness the varying timelines involved in securing a performance bond. Contractors with a strong financial profile and good relationships with sureties may receive approval in just a few days. In our dealings with contractors, we’ve seen that the process may take longer for those with less favorable financial standings or complex project scopes, requiring additional reviews and documentation.
Managing Performance Bond Expiration: What Contractors Need to Know
We’ve learned over time that allowing a performance bond to expire before project completion can lead to serious complications. Expired bonds leave the project owner unprotected, and we’ve noticed through our work that it’s crucial to renew the bond well before its expiration to avoid any lapse in coverage. Proactive communication with the surety company ensures continuous protection for the project.
In conclusion, we’ve gained from our experience that performance bonds offer significant security for projects in West Virginia. Understanding their nuances, from issuance to expiration, is vital in managing risk and ensuring project success.
See more at our Vermont Performance Bond page.
