Tag: Construction Bonds

September 23, 2017

Performance Bonds in Connecticut – Apply Now

If you’re just starting out as a construction contractor in Connecticut, or have predominantly taken on private work, it’s possible that you’ve never been required to obtain a performance bond before. Many public, local, and federal construction jobs require the low bidder on contracts obtain certain bonds before beginning work, and the performance bond is a common one that you’ll encounter. But in case you’ve never had to go through the process before, here’s some basic information about performance bonds, when you’ll need them, and what they mean for your business. Performance Bond Connecticut: Essential Information A performance bond is a type of surety bond that guarantees the work of a commercial contractor when working on a construction project. As a contractor, when you’re awarded a job by a developer, you may have to obtain a performance bond that ensures you’ll meet the contractual obligations of the job. In other words, a performance bond provides a guarantee that a contractor who’s been awarded a construction job will complete the job on time and by the contract specifications. When Do You Have to Obtain a Performance Surety Bond in CT? A performance bond in CT is required for any federal...

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