Surety Bonds
Do I Need a Separate Bond for Each Project?
For performance and payment bonds, yes — each project requires its own bond. License bonds cover all your licensed work generally and don’t need to be project-specific.
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Do I need a new surety bond for every construction project?
Performance and payment bonds are project-specific — the bond names the specific contract, the owner, and the contractor. A new project requires a new bond. The premium is paid once for the duration of that specific project.
License bonds are not project-specific. One license bond covers all work you perform under your license. You don’t need separate license bonds for each job.
Bid bonds are also project-specific — you need a new bid bond for each project you bid. With an established surety relationship, your surety issues bid bonds routinely as part of your bidding program.
Need a surety bond fast?
Trade Safe helps contractors get bonded same-day in most cases. We work with multiple surety markets to find the best rate for your situation.