My business (based in Washington State) is being requested, by a local City Agency, to provide a Payment Bond and a Performance Bond for window cleaning services. I do not know what these Bonds are, what function they perform, how to get them, or the cost associated with them. Help is appreciated.
While I won't be able to help with the pricing of a bond, I can share some insights into how payment and performance bonds work. For pricing, SuretyBonds.com or similar sites might be more useful.
A payment bond ensures that all parties (subcontractors, suppliers, equipment rental companies, laborers etc.) hired by the project's prime contractor have payment security on the job. It effectively ensures that, if the prime contractor can't or won't make payment, the bond will be able to pay those unpaid parties.
Converseley, a performance bond's main purpose is to protect the public entity letting the contract. It ensures that, even if their contractor can't finish the job, the surety will be there to step in and make sure the job is finished.
Here are a few articles that'll be really helpful: (1) Construction Bonds: A Guide for Contractors and Suppliers; and (2) Construction Payment Bonds vs Performance Bonds – What Contractors and Suppliers Must Know.
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A payment bond and a performance bond work hand in hand. A payment bond guarantees a party pays all entities, such as subcontractors, suppliers, and laborers, involved in a particular project when the project is completed. A performance bond ensures the completion of a project.
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