Performance and Payment Bond - Lee County, Florida

Performance and Payment Bond is a legal document that was released by the Procurement Management Department - Lee County, Florida - a government authority operating within Florida. The form may be used strictly within Lee County.

FAQ

Q: What is a Performance and Payment Bond?A: A Performance and Payment Bond is a type of surety bond that guarantees that a contractor will complete a project according to the agreed-upon terms and that all subcontractors and suppliers will be paid.

Q: Why would Lee County, Florida require a Performance and Payment Bond?A: Lee County, Florida may require a Performance and Payment Bond to protect the county and ensure that contractors fulfill their contractual obligations and pay all parties involved in the project.

Q: Who is responsible for obtaining the Performance and Payment Bond?A: The contractor is typically responsible for obtaining the Performance and Payment Bond.

Q: How much does a Performance and Payment Bond cost?A: The cost of a Performance and Payment Bond can vary depending on factors such as the project's size, complexity, and the contractor's creditworthiness.

Q: What happens if a contractor fails to fulfill their obligations or pay subcontractors?A: If a contractor fails to fulfill their obligations or pay subcontractors, the surety bond provider may step in to complete the project and compensate the unpaid parties up to the bond amount.