Contractors who are awarded a contract are frequently required to obtain several surety bonds before they can begin the project. One of these bonds is the performance surety bond.
A performance bond basically guarantees a contractor's performance under a contract. Yet, there are a number of important details that contractors need to know about performance bonds when they are required to obtain one.
Reprinted courtesy of Todd Bryant, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.