Construction Performance Bond Wording | Bond Performance Ytd

Subcontractor Bid and Performance Bonds

Who Requires a Subcontractor Performance Bond? Why?

- Required by general contractors, project managers and contract owners
- General Contractors typically require subcontractors to "bond back" to protect themselves on the main contract in event of default by the subcontractor

Example of Subcontractors Who May Need the Bond
- Electrician
- Excavator
- Painter
- Roofer
- Landscaper
- Many More!

What it Covers
- Bid Bonds guarantee the contractor will accept the contract if awarded as low bidder.
- Bid Bonds are typically for 5-10% of the bid
- Payment and Performance Bonds guarantee that the contractor will perform the contract and pay for labor and materials.
- Payment Bonds are typicallly 100% of the contract amount

- Subcontractor Surety
- Subcontract Bond
- Subcontract Payment and Performance Bond
- Subcontract bid Bond
- Subcontract Maintenance Bond

Items Needed for Consideration of Any Bid &/or Performance/ Payment Bonding Account
  1. Last 2 or 3 Fiscal year-end financial statements for the business
  2. Current personal Financial statements for all the owners
  3. Contractor's Surety Questionnaire
  4. Current Schedule of Work on Hand
  5. Current Bank reference letter, indicating bank line established
  6. Resume of Owner(s)
  7. Job reference letters
  8. Current Certificate of Insurance

- Competitive pricing within industry standard
- Quick Quote Turnaround
- 24-48 hour response on new account submissions
- Accept applications from other surety companies to review a submission
- All J.M. Wilson surety markets are "A' rated

Contact Us:

    Indiana Office:
J.M. Wilson
650 E. Carmel Drive, Suite 320
Carmel, IN 46032
Phone: 317-571-7700
Toll Free: 800-538-4796
Fax: 317-566-8291
[email protected]
For additional product information:
Premium financing available through Cedar Finance Company