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What is a Performance Bond?

by | Jun 16, 2020 | Surety Bonds | 0 comments

What is a performance bond?

Many people and contractor business owners at some point ask the question, What is a Performance bond? In short, a Performance Bond is a guarantee that a contractor will complete a construction project according to an agreed upon contract.  Seaman’s Insurance Group is Florida’s Premier Boutique Independent Surety Bond and Insurance Agency.  We have access to the most competitive surety bond companies, aka Sureties.

A performance bond guarantees a project will be completed satisfactorily. This requires having collateral property or investments to back up the requirements of the surety. A performance bond is usually issued by a surety.  The surety will also require a general indemnity agreement (GIA) be signed by the purchaser of the bond, partners of the company and their spouse.

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