Performance Bond designed for contractors.
- Electronically apply for your bond facility
- Secure business approval online
- Receive digital bonds when possible
- Reliable surety providers
If you’re seeking to offer bonds for a project or bid that demands Performance Bond, we have what you need. We offer full contract bonding services for various projects as long as you have a bond facility.
Click “Get a Quote” today to get started.
Performance Bond designed for contractors.
Numerous bonding firms often reject applicants who don't meet their strict underwriting criteria. Not Us. We work in partnership with you to explore solutions that result in securing your approval.
While physical copies are still a requirement for many bonds, we actively minimize paper usage by offering digital versions of bonds and surety riders whenever possible.
While we engage with global surety enterprises for our bond guarantees, our origins are rooted in Canada.
You tell us what you need
We compare multiple quotes
You get the best coverage
A Performance Bond is a type of surety bond that ensures a contractor’s fulfillment of their obligations as outlined in a contract. It guarantees that the contractor will complete the project according to the terms, specifications, and timeline specified in the agreement. If the contractor fails to meet these obligations, the project owner can make a claim on the Performance Bond. This bond provides financial protection to the project owner, covering potential costs incurred to rectify the incomplete or unsatisfactory work, such as hiring a new contractor to complete the project or addressing any deficiencies. Typically, Performance Bonds are required in values equivalent to either 50% or 100% of the contract price.
When a developer or owner aims to secure their investment in a project, contractors who secure the winning bid are often required to furnish a performance bond. This bond is frequently accompanied by a Labour & Material Payment Bond, although it can also be issued on its own. This step is taken before work commences. Rest assured knowing that the backing of a licensed Surety company in Canada will help your company qualifies for any project that captures your interest.
Performance Bond functions as a protective measure for your project’s seamless execution. It assures that the contracted work adheres to the stipulated terms, specifications, and schedule. If the contractor fails to meet their obligations, the bond steps in to offer financial security, covering potential expenses needed to rectify incomplete or substandard work. This proactive approach minimizes risks and promotes the unhindered advancement of your project.
The cost of a Performance Bond relies on the rates set by your Bond Facility and the size of the contract that requires the bond. The established rates for Performance Bonds usually span between $6 and $25 for every $1,000 of the contract value.
The capability to secure various contract bonds, including a Performance Bond, is encompassed within an annual subscription named a Bond Facility. These typically fall within the range of $1,500 to $5,000 per year.
Apply any time and get the right protection for your projects or tenders today! Please note that completing our application does not cost anything or require you to proceed with the bonding once a quote is provided – customer service is our priority.
We offer access to a standardized array of surety bonds, including:
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