Final Bonds (Performance Bonds)
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Guarantee the project is completed as the contract defines
When a developer wants to protect the investment made in a project, the contractor that won the bid is required to provide a final bond sometimes refered to as a performance bond before work can begin. In short, this bond guarantees that a contractor will complete a project according to contract. If the contractor fails to do so, the developer can make a claim to keep from losing money.
There are other issues to consider depending on your situation, so please make sure to {module_contentholder name="ask-clover"}.
Who are final bonds for?
- Developers
- General Contractors
- Subcontractors
- Road Contractors
- Sewer and Water main Contractors
- Other Heavy Civil Contractors
- Service Contractors (Waste Removal, Janitorial Firms, etc.)
- Specialty Contractors
- Manufacturers
If you have any questions {module_contentholder name="ask-clover"}.
What information you should have to Get Started
- Quantity of your bid
- Date of your bid
- Your bond history
- Company History
- Personal Current Credit Score
You may also be required to submit your financial credentials when applying for your final bond.
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