What are the financial costs to obtain a construction bond and who pays for the bond? Meaning, what party pays for the bond?
Generally, the party securing the bond is tasked with paying for the bond - and the cost of the bond should be priced into the bid price. The cost of the bond will vary based on a number of different factors, including the type of bond being secured. Other factors that'll play into the price include: credit history, past history with the surety, the size of the bond, reputation of the business, the project, the customer, and the list will go on and on. As for the different types of bonds, Levelset breaks them down here: Construction Bonds: A Guide for Contractors and Suppliers.
For more details on how bonds are priced and how much it will cost to secure one, it'd probably be a good start to reach out to a surety bond provider and speak to a representative.
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