Performance & Payment Bonds for Contractors | Surety1
Surety1 specializes in performance and payment bonds for construction contractors, ensuring project security and financial protection. Get fast approvals, competitive rates, and access to the SBA Bond Guarantee Program.
Why Choose Surety1 for Your Performance & Payment Bonds?
✅ Bond-Only Specialists – Unlike insurance agents, we focus exclusively on surety bonds.
✅ Fast Approvals – Most bonds approved in 1-2 days.
✅ SBA Bond Guarantee Program – Helps small and emerging contractors secure bonding capacity.
✅ 50+ Years of Experience – Trusted by contractors nationwide.
✅ Access to over 15+ Surety Markets – We find the best program and rates for your needs.
📞 (916) 993-2775 or contract@surety1.com or Apply Online
What Are Performance & Payment Bonds?
Performance Bonds
A performance bond guarantees that a contractor will complete a project according to contract terms. If the contractor defaults, the surety steps in to ensure completion.
- Key Benefits:
✔ Protects project owners from contractor failure
✔ Ensures contract compliance
✔ Required for most public projects
Payment Bonds
A payment bond ensures subcontractors, laborers, and suppliers get paid. If the contractor fails to pay, the surety covers the costs.
Key Benefits:
✔ Prevents liens on the project
✔ Protects subcontractors & suppliers
✔ Often paired with performance bonds
How Much Do Performance & Payment Bonds Cost?
Bond costs vary based on:
✔ Contract size
✔ Contractor’s credit & financial strength
✔ Experience & past performance
Typical Rates:
- Small contractors: 2.5% – 3% of contract value
- Established contractors: As low as 1%
Need a Quote? Contact us at (916) 993-2775 or email us @ contract@surety1.com or Apply Online
Bid Bonds: The First Step in Public Projects
Before bidding on a public works project, contractors often need a bid bond (typically 5%-20% of the bid amount).
- Why It Matters:
✔ Guarantees you’ll enter the contract if selected
✔ Required for federal & state projects
✔ Leads to performance & payment bonds upon award
The Underwriting Process
- Sureties evaluate:
✔ Credit history (business & personal)
✔ Financial statements
✔ Project experience & track record
♦ Small bonds (under $1M) → Quick approval
♦ Large bonds → May require CPA-reviewed financials
Frequently Asked Questions (FAQs)
Q: Who requires performance & payment bonds?
A: Mostly public projects (federal, state, municipal). Private owners may also require them for large contracts.
Q: Can I get a bond with challenged credit?
A: Yes! The SBA Bond Guarantee Program helps contractors with challenged credit.
Q: How long does approval take?
A: As little as 1-2 days for qualified applicants.
Q: What’s the difference between a bond and insurance?
A: Bonds protect the project owner, while insurance protects the contractor.
Learn more: What is a Surety Bond? (Video) | How the Bond Process Works (Video)
Get Bonded Today!
✅ Fast Approvals
✅ Competitive Rates
✅ Expert Guidance
Call (916) 993-2775
Email: contract@surety1.com
Apply Online Now
“Surety1 doubled my bonding capacity when my insurance agent couldn’t help. They’re fast, professional, and experts in bonding!” – JB, Contractor
About Surety1.com
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier provider of surety bonds for the construction industry, nationwide, since 2003. Licensed in all 50 states and the District of Columbia, Surety1 can handle
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How to Get Your Performance and Payment Bonds
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.