What’s the difference between a performance bond and a payment bond?

A performance bond guarantees the contractor will complete the project per the contract; if they don't, the surety covers completion. A payment bond guarantees subcontractors and suppliers get paid, protecting the owner from liens. Together they protect owners on larger projects, which is why both are often required.

Rize Construction: Rize can provide bonding on projects that require it — just let us know your project's requirements.