Give the project owner confidence that you will deliver the contract.
A performance bond assures the project owner that the work will be completed as agreed. e-SureX helps you apply online, compare providers and keep the bond tracked through the life of the contract.
Premiums and terms are set by surety providers after underwriting.
A performance bond is a type of surety bond that assures the project owner that the contractor will perform the contract according to its terms. If the contractor defaults, the owner can make a claim under the bond, and the surety assesses it as per the bond terms.
It is usually required once a contract is awarded, and the amount is typically set as a percentage of the contract value in the contract documents. In many contracts it is called performance security, and a bank guarantee has traditionally been used. Where the contract allows, a surety bond can serve the same purpose.
The letter of award or contract usually sets out the performance security required before work begins.
Each contract may need its own security. A bond can help you manage these without locking up cash for each one.
Public bodies and large owners commonly ask for performance security on works and supply contracts.
Contract value, performance security amount, tenure and the owner's details.
Letter of award or contract, company and financial documents, and KYC details.
Review premiums, tenure and conditions from multiple surety providers.
Get the bond digitally and track expiry and renewal from your dashboard.
A smoother process helps you meet the owner's security requirement within the contract timeline.
See when a bond is due to expire so extensions can be arranged in time.
Track performance bonds across projects alongside your other bonds.
Requirements can vary by provider and by bond.
Start your surety journey with e-SureX.