Where can I get a Performance Bond in New Jersey?
A Performance Bond (also called an Agreement to Pay) is typically required when the owner of real property needs assurance that work will be completed according to the agreement between the contractor and the owner. The Performance Bond assures that if the contractor fails to complete or otherwise abandons work for which he or she has been paid, then there is money available to complete the project
Public Performance Bonds can be obtained from private surety companies via your local New Jersey bank or licensed insurance agent. However, please note that banks and agents may require you to open an account with them prior to issuing any bond quote. Public Performance Bonds are generally required whenever someone wants to do business with a federal, state, or local governmental agency (including municipalities)
Private Performance Bonds are generally required whenever a general contractor or subcontractor needs to satisfy a debt owed to a third party. In order to procure the bond, the homeowner must fill out an application and provide sufficient information related to their property address, including names and ages for all parties involved. Please note that private Performance Bonds will only be issued by surety companies that have been approved by the NJ Department of Banking and Insurance (DOBI).
In Texas, where do you file a Performance Bond?
Many contractors who do work in Texas are required to file a performance bond. If you’re not sure whether filing one is necessary, contact your local building department.
In Texas, Performance Bonds are filed with your county clerk’s office and must be accompanied by a Certificate of Accredited Sureties Bonding Company within 30 days after notice of award is received from a public entity. The renewal date for Performance Bonds is May 31 every two years on odd years. The fee for filing a Performance Bond starts at $500 and can go as high as $1,000 depending upon contract amount and other conditions. Renewal fees will vary based on those same conditions as well.
Any public entity can purchase Performance Bonds from Accredited Sureties either directly or through the Texas Department of Transportation (TxDOT). If you’re a contractor, contact TxDOT for help in determining whether or not filing a bond is necessary. Accredited Sureties is able to assist anyone with their Performance Bond questions and handle filing your bond on your behalf as well. Call us today at 888-883-5514 to learn more about our services and to get a free quote.
In Florida, where do I file a Performance Bond?
All construction contracts in Florida, excluding home building and single-family residences, require the contractor to provide a bond to secure performance. The contract must be signed by an authorized representative of the owner and the general contractor.
A performance bond protects owners and lenders against financial loss if the contractor fails to properly construct the project. If a contractor fails to complete construction in accordance with contractual specifications, the performance bond reimburses owners for any completed work up to the level of coverage stipulated in the contract.
Performance bonds are not required when construction contracts are awarded by local governments or school boards when federal agencies are involved in funding when the cost of labor and materials is paid directly by an end-user without reimbursement from an owner who uses his own employees, or there is no lien law in effect in Florida.
Where may a Performance Bond be filed in Michigan?
The filing of a performance bond is required when any public work involving the excavation, construction, reconstruction, or repair in excess of $2,500.00 (Two thousand five hundred dollars) in value is to be done in Michigan.
A one-time fee of $5.00 must be paid to file a performance bond in Michigan. The original should be filed with MIOSHA on this Ste form, the duplicates are kept in our office as an index copy for easy retrieval. All bonds are good for 12 months from the date of filing unless canceled earlier by one or more of the following methods.
Six-month notice given prior to the end of year Notice giving at least 30 days written notice before the expiration date. Written or oral notice given at least 30 days prior to the end of the year that the owner does not wish to extend the bond.
The owner, an authorized agent or a contractor, subcontractor, material man, or another interested party may file a performance bond in Michigan.
A Performance Bond guarantees faithful completion and payment for public work involving excavation, construction, reconstruction, or repair of state highways and county roads when executed by an insurance company licensed with the State of Michigan.
In Missouri, where do I file a Performance Bond?
In Missouri, a Performance Bond is used to ensure that the person or company receiving a benefit from your agency will receive their money. That could mean benefits for you as an employee, such as wages and vacation/sick pay. It could also be benefits being paid to someone else, such as a vendor or supplier.
If the amount of money exceeds $100,000 then a surety bond is most likely required.
In Missouri, bonds are filed with “The Division of Professional Registration” which can be found at http://pr.mo.gov/. Once at this site click on the ‘Industry’ tab along the top menu bar and select ‘Contractors’. In most cases, these bonds can be filed online. If the bond is not required to be filed online, there will be instructions on how to file by mail or in person.