Performance & Payment Bonds
One bond Brown & Brown – Daytona Beach offers is a performance bond. Sometimes called a contract bond, a performance bond is a surety bond that guarantees the principal will “perform” the contract requirements. This obligation secures the completion of a construction project or faithful performance of the term of a service or supply agreement. The bond provides benefits to all of the parties with interest in the project.
Another bond provided by Brown & Brown – Daytona Beach is a payment bond. This type of bond is required to ensure suppliers of labor and materials will be paid for their products and services. The amount of the payment bond must be equal to the total amount payable under the terms of the contract. As with the performance bond, 100% of the contract price is generally the rule.
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