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The document is a Performance Bond for a landscaping and irrigation project in the City of Redmond. It outlines the obligations of the Principal (the entity posting the bond) and the Surety (bonding company) to ensure that all required improvements are completed as per city regulations. The bond specifies conditions under which the Surety must act if the Principal fails to meet these obligations, including financial responsibilities and provisions for emergency repairs. It also details the process for bond release upon completion of work.

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What is a 10% performance bond?

Performance Bonds / Contract Bonds are a type of Surety Bond and are written promises to pay for direct loss or damage suffered by a third party as a result of a breach of contract and are typically issued for 10% of the contract value.

How long does it take to get a performance bond?

In order to get a performance bond, the contractor agrees to pay the surety a small percentage of the total bond amount, usually between 1% and 4%. In exchange, the surety promises to pay up to the agreed bond amount if the contractor fails to deliver on its obligations.

How hard is it to get a performance bond?

The surety Obtain a quote from a surety company. Provide the surety with the details of the contract, including the amount of the bond and the terms of the agreement. Pay the premium to the surety company. Sign the bond agreement with the surety company. Receive a copy of the performance bond from the surety company. Drafting A Performance Bond | Checklist Templates - Genie AI genieai.co en-us blog drafting-a-perfor genieai.co en-us blog drafting-a-perfor

What is an example of a performance bond?

Some examples of performance surety bonds in the construction industry include subdivision bonds, completion bonds, maintenance bonds, right of way bonds, and site improvement bonds.

How much does a $5000 performance bond cost?

$5,000 surety bonds typically cost 0.510% of the bond amount, or $25$500.

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Are performance bonds hard to get?

In most cases, you will first need to obtain a bid bond before bidding on a project. Only after winning the project would you need to pick up a performance bond for the project. Even though all this may sound complicated, surety bonds, including performance bonds, are not too difficult to get.

What are the requirements for a performance bond?

The typical price range for Performance Payment Bonds is . 5% to 4% of the contract price. Usually, the rate is presented as a dollar amount per $1,000 of the contract price. For example, a $250,000 contract might cost $25.00 per $1,000 of the contract price, or 2.5%.

Performance bond example 2025

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