Payment bond costs typically range from 1% to 3% of the contract amount, depending on factors such as credit score, business experience, financial strength, and project size. This guide explains how payment bond pricing works, what affects your premium, how contractors qualify, and strategies for obtaining competitive rates on public works, government, and commercial construction projects.

Performance bonds are often required for commercial construction, government contracts, and public works projects. This guide explains how contractors can qualify for a performance bond by improving their financial strength, building relevant experience, maintaining good credit, managing project backlog, and preparing the necessary documentation. Learn what surety companies look for and how to improve your chances of bonding approval.