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How Do Bid and Performance Bonds Work?

You can read our full guides here: Performance Bonds: https://bit.ly/34UNSfm Bid Bonds: https://bit.ly/36sY7rp I'm a contractor new to surety bonding and need some guidance. I want to bid on public work but I don't know how bid and performance bonds work. Sure, I can help. First let's take a look at bid bonds: https://bit.ly/36sY7rp They are required for you to submit your proposal on public contracts. Think of the bid bond as your foot in the door, so to speak. Well, that's straightforward enough. I previously learned that all surety bonds guarantee some. So, what do bid bonds guarantee? Good question. The bid bond guarantees that if you were awarded the contract the bonding company will provide you a performance bond. That's why bonding companies have to underwrite the performance mod prior to issuing the bid bond. If they write a bid bond for you and failed to provide the performance bond the government can place a claim on the bid bond. Okay. So then what does the performance bond guarantee? The performance bond (https://bit.ly/34UNSfm) is what actually guarantees your work. Should you fail to complete the project for the terms of the contract a claim can be placed on the performance bond. That makes sense. I've heard people call it a performance and payment bond. Is that the same thing? A payment bond (https://bit.ly/3CNqkp4) guarantees you will pay your subcontractors and suppliers since this goes along with completing the contract in full the payment bond is usually lumped together with the performance bond. Awesome! So I only pay for the bid bond and the performance bond, What are the costs? You've just opened up another discussion. We'll talk about performance and bid bond costs in our next video: https://bit.ly/3idlR5J Additional resources: What Do Bid and Performance Bonds Cost: https://bit.ly/3idlR5J Payment Bonds Guide: https://bit.ly/3CNqkp4 Bond Lines Explained: https://bit.ly/3CSHWA8 How to Increase Your Contract Bond Line: https://bit.ly/3Jg7sS2 Get Your FREE E-Book "The Beginner's Guide to Bidding and Winning Public Jobs": https://bit.ly/3ihVGus How to Bid a Construction Job in 4 Easy Steps: https://bit.ly/3u5tkJF Contractor Bonds Guide: https://bit.ly/3MXyRug Get your real-time bond quote now: https://bit.ly/3qd8O8M Bonded Construction Projects: https://bit.ly/3qfUzQp How to Choose The Right Surety Agency: https://bit.ly/3u7v5pG How JW Surety Bonds Is Different: https://bit.ly/3KXLq7f About JW Surety Bonds: We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company: https://bit.ly/3IlcifE