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  1. #1
    Join Date
    Jul 2008
    Posts
    24

    Thumbs down Performance Bond

    Does anyone have a performance bond? Can you tell me the secret to getting one? We have applied and been denied. I heard that they were hard to get. What do you have to have or do to get one? Any imformation would be appreciated!

  2. #2
    Join Date
    Sep 2002
    Posts
    525
    Are you bidding public work? Why were you turned down? Are you a new company? Less than 5yrs old?

  3. #3
    Join Date
    Mar 2003
    Posts
    7,326
    They should not be hard to get, but you need to find the right broker. A lot of them do not write for construction anymore. In the beginning, you will have a higher rating, say 1.5%, and as you do more work, it may drop to under one percent. You will have to show records of jobs etc in the beginning to get your first bond, and your bonding capacity will not be that much unless you use them over and over. Its kinda like a credit card, where the more you use it and perform, the better your credit is.

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