What are bid, performance, and payment bonds?
Bid, performance, and payment bonds are contract surety bonds required for construction projects. They ensure contractors submit accurate bids, complete the project as agreed, and pay subcontractors and suppliers.
How Much Do Contract Bonds Cost in Colorado?
Bid bonds are fee and Contract bonds typically cost 3% of the total contract amount.
Example:
$500,000 project → $15,000 bond cost
Pricing depends on:
Credit score
Financial strength
Contractor experience
Project size
Who Needs Contract Bonds?
You may need these bonds if you are:
A general contractor
A subcontractor bidding on public work
Working on government-funded projects
Taking on large private construction jobs
How Fast Can I Get Approved?
Most contractors can get:
Pre-qualified quickly
Bonds issued within 24–48 hours
Ongoing bonding support for future projects