July 6, 2021

Performance and Payment Bonds Resource Center

The ConsensusDocs Coalition has eight newly revised performance and payment bond forms. These comprehensive revisions ensure that ConsensusDocs has the most up-to-date and best practice performance and payment bonds in the industry. The performance bonds now require a definitive declaration of default or non-default upon its investigation. The payment bonds now address a threshold for which a surety consent is required when contract orders increase the contract amount.

ConsensusDocs are the only bond forms that include four different versions of design-build performance and payment bonds that address issues of potential surety design liability.

Download a white paper on the New ConsensusDocs Performance and Payment Bond Forms by filling out the form below

Meeting Different Expectations: A Consensus Approach to Bonding

Download this white paper to learn about ConsensusDocs eight newly revised performance and payment bond forms to meet the demands and expectations of the parties to the surety bond – demands and expectations that often are not in alignment. This paper presents the differing expectations; offers the legal considerations of those expectations; and then describes how the new performance and payment forms’ key provisions balance each parties’ interests.

Name(Required)

This article provides an overview of why and how the ConsensusDocs performance and payment bonds were revised including new innovative provisions, like a self-help feature in the subcontractor bond. Click here to read more.

Learn about Consensus Approach to Performance and Payment Bonds. Click here.

#

260 – Performance Bond

This performance bond addresses the surety’s obligations as the guarantor to pay the Owner, who is the obligee of the Constructor (aka builder, general contractor, design-builder, construction manager). This is a short one-page document establishing the maximum amount promised by the surety as the bond sum or penal sum. This is considered an administrative contract document. Click here to download a sample document.

261 – Payment Bond

This payment bond addresses the surety’s obligations as the guarantor to pay the Owner, who is the obligee of the Constructor (aka builder, general contractor, design-bid-builder, construction manager). This is a short one-page document establishing the maximum amount promised by the surety as the bond sum or penal sum. This document establishes a 90-day period for claimants who have not been paid to make a claim to the surety. This is considered an administrative contract document. Click here to download a sample document.

262 – Bid Bond

This bid bond addresses the surety’s obligations as the guarantor to pay the Owner who is the obligee of the Constructor (aka builder, general contractor, design-bid-builder, construction manager). This is a short one-page document established the maximum amount promised by the surety as the bond sum or penal sum. This is considered an administrative contract document. Click here to download a sample document.

263 – Warranty Bond

This warranty bond addresses the surety’s obligations as the guarantor to pay the Owner who is the obligee of the Constructor (aka builder, general contractor, design-bid-builder, construction manager). This is a short administrative standard contract document establishes the maximum amount promised by the surety as the bond sum or penal sum. Click here to download a sample document.

#

470 – Design-Build Performance Bond

This standard performance bond between surety and Design-Builder is the only performance bond that takes into surety issues specific to design-build. The surety is liable for the design costs. Provisions addressing surety obligations, liability for design, and dispute resolution are included. Click here to download a sample document.

471 – Design-Build Performance Bond

This standard bond form between surety and Design-Builder does not cover potential surety loses related to Design Professional services that are performed as part of the design-build project. This performance bond addresses the construction work included in the design-build project. Click here to download a sample document.

472 – Design-Build Payment Bond

This standard payment bond form between surety and Design-Builder is the only payment bond that takes into surety issues specific to design-build and potential surety costs related to the Design Professional’s services that the Design-Builder is responsible. Click here to download a sample document.

473 – Design-Build Payment Bond

This standard payment bond between surety and Design-Builder does not cover potential surety loses related to non-payment of Design Professional services that are performed as part of the design-build project. This payment bond addresses the construction work by the Design-Builder and Design-Builder’s Subcontractors and suppliers that are part of the design-build project. Click here to download a sample document.

#

706 – Performance Bond

This standard Subcontractor bond can be requested by a Constructor (aka builder, general contractor, design-builder, construction manager) from a Subcontractor to guarantee the Subcontractor’s performance. This standard performance bond may be used for public or private work projects. Click here to download a sample document.

707 – Payment Bond

This standard Subcontractor bond can be requested by a Constructor (aka builder, general contractor, design-builder, construction manager)  from a Subcontractor to guarantee the Subcontractor’s performance. This standard performance bond may be used for public or private work projects. Click here to download a sample document.

760 – Bid or Proposal Bond

The subcontract bid bond is used when a bid or proposal bond is required. Can be used for public work as well for private work requiring a bid or proposal bond. Click here to download a sample document.