You can now apply online for a Wyoming 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 Wyoming?
How do I get a Performance and Payment Bond in Wyoming?
We make it easy to get a contract performance bond. Just click here to get our Wyoming Performance Application. Fill it out and then email it and the Wyoming 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.
How Much Does a Performance Bond Cost in Wyoming?
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 WY?
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 Wyoming. 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?
There are many types of performance 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 WY
Just call us. We’ll work with you to get the best Wyoming bond possible.
We provide performance and payment bonds in each of the following counties:
Albany
Big Horn
Campbell
Carbon
Converse
Crook
Fremont
Goshen
Hot Springs
Johnson
Laramie
Lincoln
Natrona
Niobrara
Park
Platte
Sheridan
Sublette
Sweetwater
Teton
Uinta
Washakie
Weston
And Cities:
Cheyenne
Casper
Jackson
Laramie
Gillette
Sheridan
Cody
Rock Springs
Riverton
Lander
See our Performance Bond page to learn more about Performance bonds.
Understanding Why Performance Bonds Can Be More Cost-Effective Than LOCs
From our perspective, the difference between performance bonds and letters of credit comes down to the specific protection they provide. Performance bonds, often used in Wyoming's construction industry, ensure a contractor fulfills their obligations as per the contract. In contrast, letters of credit guarantee payment but don’t necessarily ensure the work gets done. We’ve noticed that performance bonds offer more protection to project owners by holding contractors accountable for the project’s successful completion, making them a better fit for construction projects.
The Myth of Performance Bond Refunds: Understanding the Fine Print
We’ve often encountered situations where clients ask if performance bonds are refundable. In our line of work, we’ve consistently found that these bonds are not refundable once issued. The premium paid for the bond is the cost of risk the surety assumes, similar to an insurance premium. Whether or not the bond is needed during the course of the project, the cost remains fixed, reflecting the guarantee the surety provides from the start.
Performance Bond Claims: How They Affect Your Business
In our experience, filing a claim on a performance bond triggers an investigation by the surety company to determine the validity of the claim. We’ve observed that if the contractor fails to meet their obligations, the surety steps in to either compensate the project owner or hire a new contractor to complete the work. Based on our experience, the contractor remains responsible for repaying the surety, as the bond acts as a financial safety net for the client rather than absolving the contractor of responsibility.
What You Should Do to Get Your Performance Bond Released
We’ve found that performance bonds are typically released only after the project is completed to the satisfaction of all parties involved. In our dealings with project owners and contractors in Wyoming, we’ve come to realize that final inspections and contractual obligations must be fully met before the bond is discharged. This ensures all work is completed correctly, and the bond no longer serves as a guarantee, offering peace of mind to both the project owner and contractor.
How 100 Percent Performance and Payment Bonds Protect Both Owners and Contractors
In our observation, a 100 percent performance and payment bond covers the full value of the contract, guaranteeing both performance and payment for subcontractors and suppliers. We’ve come to see that this type of bond provides comprehensive protection, ensuring that the project owner isn’t left with unpaid bills or incomplete work. We’ve consistently observed that this bond is essential for large-scale projects where the risk of non-completion or non-payment can be significant.
Obtaining a Performance Bond: What’s the Average Timeframe?
In our professional experience, the time it takes to secure a performance bond can vary, but we’ve often noticed that it typically ranges from a few days to a couple of weeks. We’ve learned that the process can be expedited by providing all necessary documentation upfront, such as financial statements and contract details. In Wyoming, where construction projects often require quick starts, ensuring all paperwork is in order can lead to faster approval and bonding.
Why Letting Your Performance Bond Lapse Can Be Risky
We’ve been in a position where performance bonds have expired before a project’s completion, and we’ve discovered through experience that this can lead to unnecessary risks. If the bond expires, it must be renewed to maintain the protection it provides. We’ve personally witnessed how lapses in bond coverage can cause contract breaches and penalties, making timely renewals crucial for the contractor and the project owner.
Our experience has shown us that performance bonds play a critical role in Wyoming's construction industry, ensuring that projects are completed and contractual obligations are met. By understanding these elements, you can better navigate the complexities of securing and managing performance bonds effectively.
See more at our Michigan Performance Bond page.
