Payment and Performance Bonds: A Contractor’s Essential Guide

As a contractor, you understand the importance of securing new projects, maintaining cash flow, and ensuring that your work meets the highest standards. However, every project comes with inherent risks—whether it's making sure your subcontractors and suppliers are paid or ensuring that your work is completed on time and within budget. This is where payment and performance bonds come into play. These bonds are not just requirements for many contracts; they are essential tools that can protect your business and help you win more projects. In this post, we’ll dive into what payment and performance bonds are, how they work, and why they’re critical for contractors.

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