PAYMENT & PERFORMANCE BONDS

PAYMENT & PERFORMANCE BOND

American Surety Bonds Agency, LLC provides simplified and fast underwriting for all Payment & Performance Bonds.

A Payment and Performance Bond is a blanket term referring to two separate contract bonds: Payment and Performance. Payment & Performance Bonds, or Final Bonds, are usually required and issued together.

• Payment Bond — Guarantees the Principal will pay all suppliers, subcontractors and material men associated with the project. Usually issued in conjunction with a Performance Bond.
• Performance Bond – Guarantees the Principal will complete the project according to the terms and conditions of the contract. Usually issued in conjunction with a Payment Bond.

Payment & Performance Bonds are underwritten using the following criteria:

• Bid Amount
• Personal and Corporate Credit History
• Personal and Corporate Net Worth
• Personal and Corporate Assets
• Total Work on Hand
• Previous Experience
• Scope of Work

American Surety Bonds Agency has many programs in place for Payment & Performance Bonds. Programs start at less than 1% of the contract amount and range upwards depending on the underwriting guidelines.

Contact us today to find out which program you qualify for.

There are two ways to apply for a Payment & Performance Bond: Fast Track or Traditional Bond Kit.

• Fast Track Application—A Fast Track application can be used for projects or contracts under $250,000. Fast Track applications rely heavily on personal credit history.
  Simply complete the Fast Track application and submit with the following items:
  • Copy of Contract or Bid Specs
  • Job Cost Breakdown
• Bond Kit Application—A traditional Bond Kit application can be used for all contract regardless of size or scope of work.
  Simply complete the Bond Kit application and submit with the following items:
  • Copy of Contract or Bid Specs

Sam Newberry
MM, Senior Underwriter
404-486-2356—Direct
404-393-0826—Fax
info@suretybondsagency.com