Performance Bonds

There is increasing pressure for contractors to provide performance bonds to developers, owners and other interested parties for the purpose of securing to those parties, the timely and proper performance of contractors’ obligations.

Performance bonds provide comfort that in the event a contractor does not perform, then an independent company of substance will step in to ensure that the owner developer does not suffer loss as a result.

Bonded NZ Limited expects that over a short period of time, all contractors will be required to provide performance bonds as a condition of their contracts.

The ability of a contractor to readily secure a reputable underwriter for performance bonds will assist the contractor in getting the confidence of its contracting parties, the contract signed, and prompt progress payments.

Applying for Surety Bonds

Getting ready for Bonding

Performance Bonds vs Bank Guarantees