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What are Florida Construction Bonds?

Florida Construction Bonds

A construction performance bond is used by business and municipalities in Florida to ensure that construction contracts are fulfilled. “Florida construction bonds” are often referred to as “Florida contract bonds”, but the terms are interchangeable. To get an understanding of why these types of bonds are important, we’ll want to dive into the three main types of Florida construction surety bonds. They are:

  • Bid bonds, which ensure that a contractor will enter into a contract with the developer if their bid is selected.
  • Performance bonds, which guarantee that the contractor will complete the contracted job in a satisfactory way.
  • Payment bonds, which ensure that all sub-contractors, laborers, and suppliers will be fairly compensated.

These three types of construction bonds are required by many governing entities in Florida to ensure that contractors are doing business in a satisfactory way.

Why Do I Need a Construction Bond in Florida?

If you’re in the construction contractor business, it would be virtually impossible to secure most of the construction jobs in Florida without being properly bonded. You’ll often be required to submit bid bonds in order to have your service considered. In addition, performance and payment bonds are required on all federally funded projects of $100,000 or more. For private and public projects alike, construction bonds make it possible for contractors to secure business in Florida.

How Much Do Florida Construction Bonds Cost?

Bond requirements can change depending on which area you’re doing business in, and they vary individually between each contract. The cost for taking out a construction bond in Florida is calculated as a percentage of the bond amount, usually between 1% and 5%. Viking Bond Service, Inc. is committed to providing a superior surety service at the lowest possible rates.

How Do I Get a Construction Surety Bond in Florida?

At Viking Bond Service, our surety bond experts are happy to help you with whatever your construction bond needs are. Whether you’re looking to bid on projects near the Everglades or in the Florida Panhandle, you can be sure that your surety needs are covered. There are a few items of information which will be required during the application process. These items include:

  • The date and bid amount
  • Your credit score
  • Your company’s bonding and business history

For bids that are upwards of $250,000, you’ll also have to provide more detailed financial information. Simply call the Construction Bond Department at Viking Bond Service, LLC or start your free quote now.

No matter what your surety bond needs are, the team at Viking Bond Service is committed to providing contractors, project managers, and Florida governing bodies the confidence to invest in local construction. Give us a call at 888-278-7389 to get started today.

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