Some Surety companies provide bid bonds at no cost to established clients. This fee covers for bid bonds provided usually within a 12 month time period. Other Surety companies may charge a fee for each bid bond. A performance bond is issued by a Surety Company to the owner of a project guaranteeing that the project will be completed within its set terms and conditions. The Payment bond guarantees that all subcontractors, labor and material suppliers will be paid.
Premium rates vary and are based on the contract amount, type of work, etc.
There are a variety of programs to support new and emerging businesses .