Miller Act<\/a>, the public works bond is their equivalent on the state level. Nearly all states require some form of this bond.<\/p>\nDepending 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.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ disabled_on=”off|off|off” admin_label=”Feature” _builder_version=”3.22″ background_color=”#345168″ use_background_color_gradient=”on” background_color_gradient_start=”#5e7a8a” background_color_gradient_end=”rgba(94,122,138,0.78)” background_color_gradient_overlays_image=”on” background_image=”https:\/\/bhmdev.com\/sphilipsins\/wp-content\/uploads\/2018\/10\/bonds.jpg” custom_padding=”5%||10%||false|false” bottom_divider_style=”slant” bottom_divider_color=”#ffffff” bottom_divider_flip=”horizontal” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”3.25″ max_width=”1280px” animation_direction=”bottom” use_custom_width=”on” custom_width_px=”1280px” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”3.0.47″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_blurb title=”Public Works Bond rates start at 1% or higher based on credit and financial strength” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_line_height=”1.2em” background_layout=”dark” custom_margin=”||5px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.0.47″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_blurb title=”Minimum premium of $250″ use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”22px” content_max_width=”1100px” _builder_version=”4.13.0″ header_font=”Lato||||||||” header_line_height=”1.2em” background_layout=”dark” custom_margin=”||5px|” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”5%” z_index_tablet=”500″ header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” body_text_shadow_horizontal_length_tablet=”0px” body_text_shadow_vertical_length_tablet=”0px” body_text_shadow_blur_strength_tablet=”1px” body_link_text_shadow_horizontal_length_tablet=”0px” body_link_text_shadow_vertical_length_tablet=”0px” body_link_text_shadow_blur_strength_tablet=”1px” body_ul_text_shadow_horizontal_length_tablet=”0px” body_ul_text_shadow_vertical_length_tablet=”0px” body_ul_text_shadow_blur_strength_tablet=”1px” body_ol_text_shadow_horizontal_length_tablet=”0px” body_ol_text_shadow_vertical_length_tablet=”0px” body_ol_text_shadow_blur_strength_tablet=”1px” body_quote_text_shadow_horizontal_length_tablet=”0px” body_quote_text_shadow_vertical_length_tablet=”0px” body_quote_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” box_shadow_horizontal_image_tablet=”0px” box_shadow_vertical_image_tablet=”0px” box_shadow_blur_image_tablet=”40px” box_shadow_spread_image_tablet=”0px” text_shadow_horizontal_length_tablet=”0px” text_shadow_vertical_length_tablet=”0px” text_shadow_blur_strength_tablet=”1px” icon_font_size=”22px” global_colors_info=”{}”][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”About” _builder_version=”3.22″ use_background_color_gradient=”on” background_color_gradient_start=”#ffffff” background_color_gradient_end=”#f4f4f4″ custom_padding=”20px|0px|60px|0px|false|false” global_colors_info=”{}”][et_pb_row _builder_version=”3.25″ custom_margin=”0px||30px||false” custom_padding=”0px||0px||true” use_custom_width=”on” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Montserrat|300|||||||” text_text_color=”#5e7a8a” text_font_size=”18px” text_line_height=”1.8em” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#009285″ header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” text_orientation=”center” max_width_tablet=”96%” max_width_phone=”” max_width_last_edited=”on|desktop” module_alignment=”center” custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” text_font_size_tablet=”” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
Document Downloads<\/strong><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=”on|on|on” _builder_version=”4.14.1″ custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” use_custom_width=”on” disabled=”on” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Montserrat|300|||||||” text_text_color=”#5e7a8a” text_font_size=”18px” text_line_height=”1.8em” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#009285″ header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” max_width_tablet=”96%” max_width_last_edited=”off|desktop” module_alignment=”center” custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” text_font_size_tablet=”” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
All Types<\/strong><\/p>\n[\/et_pb_text][et_pb_divider color=”#cfd8de” divider_style=”dashed” divider_position=”center” _builder_version=”3.12.1″ height=”0px” custom_margin=”12px||5px||false” custom_padding=”0px||0px||true” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/bhmdev.com\/sphilipsins\/pdf\/JROlsen-Bonds_Subdivision_Bond.pdf” button_text=”Download: Subdivision or Permit (Grading\/Maintenance) Bond Application” _builder_version=”4.13.0″ custom_button=”on” button_text_size=”14px” button_text_color=”#5e7a8a” button_border_width=”12px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”50px” button_font=”Kanit|300||on|||||” button_icon=”i||divi||400″ button_icon_color=”#0788CA” button_icon_placement=”left” button_on_hover=”off” custom_margin=”0px||0px|7px” custom_margin_tablet=”|0vw||0vw||true” custom_margin_last_edited=”off|desktop” custom_padding=”0px|0px|0px|0px|true|true” animation_style=”fade” button_text_color_hover=”#009285″ 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Subdivision Tax Bond Application” _builder_version=”4.13.0″ custom_button=”on” button_text_size=”14px” button_text_color=”#5e7a8a” button_border_width=”12px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”50px” button_font=”Kanit|300||on|||||” button_icon=”i||divi||400″ button_icon_color=”#0788CA” button_icon_placement=”left” button_on_hover=”off” custom_margin=”0px||0px|7px” custom_margin_tablet=”|0vw||0vw||true” custom_margin_last_edited=”off|desktop” custom_padding=”0px|0px|0px|0px|true|true” animation_style=”fade” button_text_color_hover=”#009285″ button_border_color_hover=”rgba(0,0,0,0)” button_letter_spacing_hover=”0px” button_bg_color_hover=”rgba(0,0,0,0)” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_text_size__hover=”null” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_text_color__hover_enabled=”on” 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ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#009285″ header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” max_width_tablet=”96%” max_width_phone=”96%” max_width_last_edited=”off|desktop” module_alignment=”center” custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” text_font_size_tablet=”” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
Under $450,000:<\/strong><\/p>\n[\/et_pb_text][et_pb_divider color=”#cfd8de” divider_style=”dashed” divider_position=”center” _builder_version=”3.12.1″ height=”0px” custom_margin=”12px||5px||false” custom_padding=”0px||0px||true” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/bhmdev.com\/sphilipsins\/pdf\/JROlsen-Bonds_Subdivision_Bond.pdf” button_text=”Download: Subdivision or Permit (Grading\/Maintenance) Bond Application” _builder_version=”4.13.0″ custom_button=”on” button_text_size=”14px” button_text_color=”#5e7a8a” button_border_width=”12px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”50px” button_font=”Kanit|300||on|||||” button_icon=”i||divi||400″ button_icon_color=”#0788CA” button_icon_placement=”left” button_on_hover=”off” custom_margin=”0px||0px|7px” custom_margin_tablet=”|0vw||0vw||true” custom_margin_last_edited=”off|desktop” custom_padding=”0px|0px|0px|0px|true|true” animation_style=”fade” button_text_color_hover=”#009285″ button_border_color_hover=”rgba(0,0,0,0)” button_letter_spacing_hover=”0px” button_bg_color_hover=”rgba(0,0,0,0)” locked=”off” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_text_size__hover=”null” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_text_color__hover_enabled=”on” button_text_color__hover=”#009285″ button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_border_width__hover_enabled=”off” button_border_width__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_border_color__hover_enabled=”on” button_border_color__hover=”rgba(0,0,0,0)” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_border_radius__hover_enabled=”off” button_border_radius__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_letter_spacing__hover_enabled=”on” button_letter_spacing__hover=”0px” button_one_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover=”null” button_two_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover=”null” button_bg_color__hover_enabled=”on” button_bg_color__hover=”rgba(0,0,0,0)” button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.0.47″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”Montserrat|300|||||||” text_text_color=”#5e7a8a” text_font_size=”18px” text_line_height=”1.8em” link_font=”||||||||” ul_font=”||||||||” ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#009285″ header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” max_width_tablet=”96%” max_width_phone=”96%” max_width_last_edited=”off|desktop” module_alignment=”center” custom_margin=”0px||0px||false” custom_padding=”0px||0px||true” text_font_size_tablet=”” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
Over $450,000:<\/strong><\/p>\n[\/et_pb_text][et_pb_divider color=”#cfd8de” divider_style=”dashed” divider_position=”center” _builder_version=”3.12.1″ height=”0px” custom_margin=”12px||5px||false” custom_padding=”0px||0px||true” locked=”off” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”http:\/\/www.websitedevelopmentlive.com\/jro\/about-us” button_text=”Download: Application All States for Supply & Performance; Service Contract Bonds, etc.” _builder_version=”4.13.0″ custom_button=”on” button_text_size=”14px” button_text_color=”#5e7a8a” button_border_width=”12px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”50px” button_font=”Kanit|300||on|||||” button_icon=”i||divi||400″ button_icon_color=”#0788CA” button_icon_placement=”left” button_on_hover=”off” custom_margin=”0px||0px|7px” custom_margin_tablet=”|0vw||0vw||true” custom_margin_last_edited=”off|desktop” custom_padding=”0px|0px|0px|0px|true|true” animation_style=”fade” 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Public Works Bond FAQs<\/h2>\n
Are you hoping to learn more about the public works bond? In that case, you have come to the right place. This FAQ section will answer some of the questions we often hear about public works bonds.[\/et_pb_text][et_pb_accordion _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”][et_pb_accordion_item title=”What is a public works bond, and how does it work?” open=”on” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
A public work\u00a0bond is a type of surety bond needed for public building projects. It is also known as a performance or\u00a0construction\u00a0bond. It guarantees that the contractor, who is referred to as the\u00a0“principal,”\u00a0will follow the terms of the agreement and complete the job as specified.<\/span><\/p>\nIf the builder fails to fulfill the contractual requirements, the bond safeguards the public project owner, who is referred to as the\u00a0“obligee,”\u00a0from monetary damages.<\/span><\/p>\nThe builder usually works with a surety company to secure a public works bond that will\u00a0evaluate\u00a0the service\u00a0provider’s financial soundness and ability to finish the job.<\/span><\/p>\nIn the event that the builder fails to complete the project, the insurance company either arranges for the\u00a0completion or pays the project owner an agreed sum of money. This provides\u00a0project owners with the\u00a0assurance that the building process will be completed as promised.<\/span><\/p>\n[\/et_pb_accordion_item][et_pb_accordion_item title=”Who requires this kind of surety bond?” open=”off” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
To ensure the successful completion of projects, public organizations,\u00a0such as government entities, municipalities, or state bodies, often ask contractors to secure <\/span>public works bonds<\/span> prior to the commencement of work.<\/span><\/p>\n[\/et_pb_accordion_item][et_pb_accordion_item title=”What is the difference between public works, performance, and payment bonds?” open=”off” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Both public works and payment bonds are important in the construction industry, but they serve different functions.<\/span><\/p>\nA public works bond, which is also referred to as a performance or\u00a0construction bond, ensures that a builder will execute a construction\u00a0project in accordance with the contract conditions, safeguarding the project owner (often a public organization) against the contractor’s failure to do so.<\/span><\/p>\nOn the other hand, a payment bond concentrates on suppliers and\u00a0subcontractors, ensuring that they get paid for their work and products. The payment bond protects the relevant company\u00a0against non-payment in the event of contractor default or financial difficulties.<\/span><\/p>\nWhile both types of bonds offer financial security, public works bonds are\u00a0advantageous for the project owner by ensuring project completion, whereas payment bonds assist subcontractors and suppliers by securing payment for the\u00a0services provided.<\/span><\/p>\n[\/et_pb_accordion_item][et_pb_accordion_item title=”How do I obtain public works bonds for construction projects I am working on?” open=”off” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
If you would like to obtain a public works bond, you will need to get in touch with us or fill out the quote form below, and we will guide you on how to get started.<\/span><\/p>\n[\/et_pb_accordion_item][et_pb_accordion_item title=”Why should I choose S Philips Insurance Services, Inc. instead of other surety companies?” open=”off” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
S Philips & Insurance Services, Inc. has been in the industry for four decades. Our experience and attention to detail ensure that every contractor or project owner who works with us has a stress-free experience.<\/span><\/p>\nIf your project requires the use of a performance bond, then you can rest assured that we can assist.\u00a0<\/span><\/p>\nIn addition to bonds for public works projects, we also offer other types of bonds, such as a contractor license bond and bid bond, in addition to payment and performance bonds.<\/span><\/p>\n[\/et_pb_accordion_item][et_pb_accordion_item title=”What happens if the contractor fails to hold up their end of the bargain?” open=”off” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
In the event that the contractor is unable to meet the requirements set out in the contract, the surety company will provide the public entity with compensation to cover its financial losses.<\/span><\/p>\n[\/et_pb_accordion_item][et_pb_accordion_item title=”How much does a public works bond cost?” open=”off” _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
The cost of the bond will typically be a percentage of the bond amount. To learn more about the cost, you can request a free quote by completing the online form at the bottom of this page.\u00a0<\/span><\/p>\nDo you require more information? We are happy to answer any questions you may have. Alternatively, fill out the quote form below to get your FREE bond quote.<\/span><\/p>\n[\/et_pb_accordion_item][\/et_pb_accordion][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”About” module_id=”quick-quote” _builder_version=”3.8″ custom_padding=”60px|0px|60px|0px|false|false” global_module=”120″ global_colors_info=”{}”][et_pb_row _builder_version=”3.25″ custom_margin=”0px||0px||true” custom_padding=”0px||0px||true” use_custom_width=”on” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.13.0″ text_font=”Montserrat|300|||||||” text_text_color=”#5e7a8a” text_font_size=”18px” text_line_height=”1.8em” link_font=”||||||||” ul_font=”||||||||” ol_font=”||||||||” quote_font=”||||||||” header_font=”||||||||” header_2_font=”Kanit|300||on|||||” header_2_text_align=”center” header_2_text_color=”#0788CA” header_2_font_size=”40px” header_2_letter_spacing=”0.4px” header_2_line_height=”1.5em” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”Lato|700|||||||” header_6_font_size=”18px” header_6_letter_spacing=”1px” header_6_line_height=”1.8em” text_orientation=”center” custom_margin=”0px||20px||false” custom_padding=”0px||0px||true” header_2_font_size_tablet=”” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
Get a Quick Quote TODAY<\/h2>\n
ALL ONLINE APPLICATIONS ARE SECURE<\/p>\n
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