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What does a Performance / Payment Bond cost?

April 26, 2017COST payment bond PERFORMANCE

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What does a Performance / Payment Bond cost?

1 Answer

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The premium rate for Performance/Payment Bonds varies upon the contract price, type of work, strength of the Contractor and the Surety Company. The rate can range from less than 1% to over 4% of the total contract price. The Payment Bond is added at no additional charge. A Payment Only Bond is rarely requested and is billed usually at about 50% of the regular premium.