Performance Bonds
What is a Performance Bond?
A Performance Bond guarantees the faithful performance of the contract and payment (payment bond) of materials and labor by the contractor to all subcontractors and material suppliers. The bond is submitted by the winning bidder upon award of the contract. The Performance & Payment Bond are typically issued together, as they are so closely related.
Current Market: The surety bond industry has stabalized after years of turmoil during the turn of the millenium. The current market is using traditional conservative underwriting practices and only approving contractors what they qualify for under typical surety guidelines. The market will remain the same for quite some time, as record losses occured last time the industry became too aggressive and many bonding companies had to close their doors for good.
Special Markets: Most bond agencies can place small to large standard surety risks, but it is the niche markets that make JW Surety Bond stand out from the competition. Unique carriers with creative underwriting methods can provice approvals for higher risk bonds and or applicants where others can not.
Our specialty markets even allows us to place risks that are not construction performance bond. For instance, the $100,000 Department of Defense (DoD) performance bond, which you can apply online for.
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