Performance Bond
Performance bond definition. Learn how a surety bond guarantees that a project will be completed if the contractor defaults.
Calculation Formula
Bond Penalty = Up to 100% of Contract Value Real Contractor Example
A GC goes bankrupt half-way through a project. The surety company pays for a new contractor to finish the work according to the original contract.
Put This Into Practice
Knowing the definition is step one. RemodelFin tracks this in real time on every job — no spreadsheets.