How Much Does Bonding Cost?
One of the most frequently asked questions we hear from unbonded contractors is, "How much is obtaining a bond line of credit going to cost me?" You'll be happy to know that OUR SERVICE IS FREE. Unlike some agencies, we do not charge a fee for our ability to obtain bonding for your company. We only bill you for the premiums charged by the bonding company. Therefore, if you don't get a bond, you don't owe us anything.Your next question is probably, "How much do the bonds cost?" Bond premiums are based on the final contract amount being bonded (including change orders). Surety Corporation of Florida always attempts to use bonding companies who will offer you Standard Surety Association Rates or lower. When you bid a job that requires a bond, you can normally use these rates to determine the exact cost and include it in your bid. There are two types of bonds that contractors use the most in construction, 1) bid bonds and 2) payment & performance bonds.
Bid Bond