Colorado Construction Performance Bond - Colorado 2026

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The document is a Performance Bond that outlines the obligations of the Principal and Surety to the Obligee (Owner) for a construction project. It specifies the conditions under which the Surety guarantees the performance of the Principal according to the terms of a Construction Agreement. The bond details procedures for contract completion in case of default, including notification requirements, financial responsibilities, and legal proceedings related to claims. It also stipulates that only the Owner or its successors can benefit from this bond.
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  1. Click ‘Get Form’ to open the Colorado Construction Performance Bond in our editor.
  2. Begin by entering the Principal's name in the designated field, followed by the Surety's corporation name and state of incorporation.
  3. Fill in the Obligee's name, which is typically the Owner, and specify the principal amount of the bond. Ensure this amount reflects any adjustments as per approved change orders.
  4. Indicate the date of the Construction Agreement and provide details about the project in the appropriate sections.
  5. Review all terms outlined in the bond, ensuring that you understand obligations related to performance and completion timelines.
  6. Finally, sign and date the document where indicated, ensuring that both Principal and Surety have their signatures attested properly.

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CS. Cash/Surety. Defendant can post in cash. Another person can post in cash.
Performance bonds are a subset of contract bonds and guarantee that a contractor will fulfill the terms of the contract. If they fail to do so, the Surety company is responsible for completing the contract obligations, either by securing a new contractor to complete the job or by financial compensation.
Bond rates fluctuate between 1% to 5% of the total contract amount. Most qualified contractors can expect to pay a price of 2.53% of the performance bond amount. This means if youve been contracted for a $100,000 project, you could pay just $2,500$3,000 for your construction performance bond.

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People also ask

Are performance bonds refundable? Performance bonds are refundable, but it depends on the situation. Performance bonds guarantee the successful completion of contracts, ensuring that a project will be finished, particularly if the contractor fails to fulfill their obligations.
While the contractor is the one who secures and pays for the performance bond upfront, that cost is usually factored into the total contract price. So in a roundabout way, the project owner does end up covering the costbut only as part of the broader budget for the job.

Related links

Performance Bond

FORM: State of Colorado form Performance Bond (SC-6.22). B. A copy of the Performance Bond is required for construction values of $150,000 or more.

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Construction Assistance Program - DHR Colorado

The program guarantees $50,000 - $1,500,000 on payment and performance bonds for state contracts. Being eligible for this program does not automatically ensure

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2015 Annual Report

post required construction bonds and comply with the terms thereof;. manage the construction process generally, including coordinating with other

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