Cynthia Baldonado

(623) 518-2982

Small Contract Performance Bonds and Payment Bonds - Good Credit

If you are a contractor or subcontractor (or an insurance agent that represents one of them) with contract bond needs that are $350,000 or less and all owners and spouses have strong credit, this is the program for you. Here are the common bond types you may see in your RFP/Bid Invitation packet and/or contract:

  • Bid Bonds are required to be turned in with your bid.
  • Performance Bonds are required to be turned in once you are awarded the contract.
  • Payment Bonds aka Labor and Material Bonds are also required to be turned in once you are awarded the contract.
  • Warranty Bonds aka Maintenance Bonds are bonds that would be required once the job is 100% complete and accepted by the obligee.

For more detailed descriptions of these bond types visit my Bid Bonds, Performance Bonds, Payment Bonds, and Warranty Bonds page.

About The Program

Our standard small contract bond program focuses on contracts that are $350,000 or less. It is a hassle free, simple and quick application process.

Cost

  • Bid Bonds - Free in most cases
  • Performance and Payment Bonds - Typically around 3%. Since everyone in the program has strong credit, there isn't really any variation in pricing. Either you're in or you're out. Scope of the work or a workmanship warranty that is longer than 1 year could affect the pricing but more often than not, the price is pretty much set.
  • Warranty Bonds - These bonds can vary in price, generally between 0.25% and 3% of the bond amount.

What to Expect

The process usually takes just a couple of days from start to end. Paperwork requirements under this program are minimal. In addition to a short 2 - 3 page application I need to see the following:

  • Copy of the job contract (or the bid invitation packet if still in the bid phase)
  • Bond form(s) required by obligee

By: Cynthia Baldonado

Do you have a question or need a bond? Call me at (623) 518-2982. I'm always happy to help! I'm available Monday thru Friday between the hours of 8AM and 5PM Arizona Time. After hours or you'd rather contact me electronically? You can also fill out the Contact Me section on this page and I'll contact you during business hours.

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CynthiaBaldonado

Cynthia
Baldonado
(623) 518-2982

About This Site

SuretyBonds.Biz is a website for Viking Bond Service, Inc. producers to provide information about frequently requested surety bonds in their words. Viking producers specialize in surety bonds of all types. Since bonds are the sole product provided by Viking, the producers are an excellent resource for information and assistance.