Performance Bonds
Performance bond wholesaler for agents. Guarantee a contractor completes the project per the contract — start a performance bond quote or send your client the link.
A performance bond guarantees that a contractor will complete a construction project according to the terms of the contract. If the contractor defaults, the surety steps in to see the work finished or to compensate the project owner. It's the bond most public and larger private jobs require, and we place it for agents.
What a performance bond does
- →Guarantees the project is completed per the contract documents
- →Protects the project owner (the obligee) if the contractor defaults
- →Usually issued together with a payment bond on public work
- →Sized to the contract amount
Who needs one
- ✓Contractors awarded public construction contracts
- ✓Contractors on private projects where the owner requires a bond
- ✓Subcontractors a general contractor requires to bond their scope
How to place it through Baker
- →Send the contract amount, the project scope, and the contractor's experience
- →We match it to a surety market and return terms
- →Start a bond quote, or send the application link to your client
** Terms used here are a summary only. Always refer to the bond form and the obligee's requirements.