PUBLIC WORKS BOND
Subdivision, Maintenance & Grading Bonds
PUBLIC WORKS BOND OVERVIEW:
The Public Works Bond is required for the performance of public construction works. Similar to the payment bonds or performance bonds that are commonly required for federal projects under the Miller Act, the public works bond is their equivalent on the state level. Nearly all states require some form of this bond.
Depending on state statutes, such bonds may be required to secure both the performance of the contract and the payment to subcontractors or, in some cases, only the latter. The purpose of this bond is to provide security on public works projects, to guarantee that contractors will comply with state law, and to provide compensation to the public and the state in cases of breach of contract or default.
Public Works Bond rates start at 1% or higher based on credit and financial strength
Minimum premium of $250
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