INDIANA PERFORMANCE BONDS
What Is a Performance Bond?
A performance bond, also known as a contract bond, ensures that a project will be completed according to the contractual agreement.
Why Do I Need a Performance Bond?
Most federal projects in Indiana require a performance bond. Many private firms also require them. This protects a firm and ensures that the contract will be completed.
Performance Bond Example: A firm is in the process of building a new restaurant and sub-contracts the electrical wiring. The general contractor will require the sub-contractor to have a performance bond. If the sub-contractor fails to do the electrical work, the bond can be called upon for damages.
How Much Do Bid Bonds Cost in Indiana?
The cost of a bond depends on the size of the project mentioned in the contract. Typically, the bond is calculated as a percentage of the project cost. This percentage becomes lower as the cost increases. Our local Wexford Insurance agents work hard 24/7 to find you the best rates.
How Do I Get a Performance Bond?
A performance bond is obtained using a surety agency. Wexford Insurance is a trusted surety agency that can help you obtain a bond quickly, while finding you the best rate for your company.
What Is the Difference Between a Bid Bond and a Performance Bond?
A bid bond is replaced by a performance bond once the bid is accepted and your company begins to work on a project.
Get a Free Quote:
Give us a call today at (317) 910-9295 or fill out the link below to start your bond insurance quote. Our local agents can help you decide which coverage is best for you.
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