Performance & Payment Bond Application (Performance Plus) — required surety bond in Federal. Apply online in minutes.
A federal Performance and Payment Bond guarantees that a contractor will fulfill the terms of a government contract and properly compensate their subcontractors and material suppliers. This bond acts as a financial safety net for the federal government and project laborers. If the contractor defaults, the surety steps in to ensure the project's completion and payment of legitimate claims.
Construction companies and independent contractors awarded federal construction, alteration, or public work projects generally need this bond. It is often required by federal agencies before any work can officially commence. Check with your specific contracting officer to confirm if your project mandates this coverage.
The federal government requires this bond to protect taxpayer funds and ensure public projects are completed exactly as specified in the contract. Additionally, because subcontractors cannot place mechanic's liens on federal property, the payment portion of the bond ensures they have a secure avenue to receive compensation. This dual-purpose requirement mitigates financial and operational risk for the obligee.
You can begin the process by clicking the Apply Now button to access our secure online application. The form takes about five minutes to complete, and our team at Noah Insurance Agency (814-718-0060) is available to assist you. Once approved and finalized, your bond will be delivered directly to you by email.
Premiums vary based on the total contract amount, the financial strength of your business, and your credit history. To get an exact figure, please submit a secure online application.
While they are typically required together on federal construction projects, exact requirements can vary. Always verify the specific bonding requirements directly with your issuing federal agency.
The bond generally remains active until the project is fully completed, inspected, and accepted by the government, along with any required warranty periods. Specific timeframes vary, so review your contract details carefully.
Yes, Noah Insurance Agency works with multiple surety partners to offer solutions for various financial profiles. Requirements vary, so the best way to determine eligibility is to apply online.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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