The Georgia Nonresident Contractor Performance Tax Bond is required by the Georgia Department of Revenue. The bond should be in the amount of 10% of the contract price, or the compensation to be received for each contract for non-resident contractors.
The Georgia Department of Revenue requires the following to be submitted to their department for non-residents whose contract on a project is at least $10,000:
This bond is required as a financial guarantee to the state of Georgia that the non-resident contractor will pay all associated taxes. If the contractor fails to pay their Georgia taxes, the state can make a claim against their Georgia Nonresident Contractor Performance Tax Bond, which the surety company will pay out if settled. Unlike insurance, the bond principal (the non-resident contractor in this case) must repay the surety for any losses incurred due to claims.
This bond should be in an amount equal to 10% of the contract price, or the compensation to be received for each contract for non-resident contractors.
In order to obtain this bond, simply fill out our free online application! One of our licensed agents will contact you within one business day with a quote for the price to obtain your bond (the “premium”). If you choose to move forward after receiving your quote, we will have you sign any necessary paperwork and remit the premium payment, at which time we will ship your completed Georgia Nonresident Contractor Performance Tax Bond to you via USPS Priority Mail (with overnight shipping options also available).
Why choose Surety1?
At Surety1, our agents work with over a dozen “A” rated surety markets to ensure we are finding you the lowest price for your bond. We’ve been issuing surety bonds since 2003 and our quality, reliable service has led us to an A+ rating by the Better Business Bureau! Licensed in all 50 states.