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Contract Bonds

Construction

Construction bonds cover bid, performance, payment, maintenance, and supply guarantees for builders working on public and private jobs.

Who needs this bond

Construction firms of every size, from owner-operators bidding their first municipal job to ENR-ranked GCs running multi-state programs.

Typical amount and term

Bid bonds usually 5 to 10 percent of bid amount, performance and payment bonds at 100 percent of contract value. Maintenance bonds typically 1 to 2 year tail.

What you will need

  • Three years of business financial statements
  • Owner personal financial statements and resumes
  • Continuity plan and named project manager
  • Subcontractor and supplier reference list

How to apply

  1. Pre-qualify your program with a single underwriting package
  2. Get a bond capacity line from the carrier (single and aggregate)
  3. Issue bid bonds on demand inside your approved capacity
  4. Convert to performance and payment bonds at award

More contract bonds