Performance & payment bonds.
Every state we write.

The performance bond guarantees you’ll finish the job; the payment bond guarantees your subs and suppliers get paid. Public work almost always requires both, written at 100% of the contract value. Light RFP prices them at a flat 3% with a $275 minimum — the same rate for every contractor, with no credit-tier upcharge and up to $3M qualified on your credit alone, no audited financials. Pick your state below for its threshold and statute.

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ConstructionFlat 3%

New York Performance & Payment Bond

Required for NY public works over $100K. One flat 3% rate for every contractor — projects up to $3M on credit alone.

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Bid bond vs performance bond

The two contract bonds do different jobs at different points in the same deal.

	Bid bond	Performance & payment bond
Guarantees	You’ll sign the contract and furnish the final bonds	You’ll complete the work and pay your subs and suppliers
When	Submitted with your bid	Required after award, before work starts
Amount	5–10% of the bid (20% federal, capped at $3M)	100% of the contract value
Cost at Light RFP	$0no premium, no fee	Flat 3%$275 minimum
Credit	Soft pull only	Soft pull; up to $3M on credit alone, no audited financials

The industry quotes performance bonds at 1–3% of contract value, but that range is a credit tier — thin-credit contractors pay the top of it, and often a minimum premium besides. Ours is the same 3% for everyone, and the bid bond that gets you there is free.

What a performance & payment bond costs

The bond is written at 100% of the contract value. The premium is a one-time charge for the bond term. Light RFP charges a flat 3% of the bond amount, $275 minimum, with no credit tiers and no financial statements, and qualifies contractors up to $3M on personal credit alone.

Contract value	Bond amount	Light RFP, flat 3%	Commonly quoted elsewhere (1–3%)*
$9,000 or less	$9,000	$275 minimum	$90 – $275
$50,000	$50,000	$1,500	$500 – $1,500
$250,000	$250,000	$7,500	$2,500 – $7,500
$1,000,000	$1,000,000	$30,000	$10,000 – $30,000
$3,000,000	$3,000,000	$90,000	$30,000 – $90,000

*Standard-market performance and payment bond rates are commonly quoted at 1–3% of the bond amount and depend on the contractor’s credit, financial statements and track record; the low end usually needs audited financials and a working-capital review. If you have those on a large bond, a traditional agency may quote less than 3%. If you don’t, or you need the bond this week, flat 3% is usually faster and often cheaper than the quote you would actually receive.

A worked example

You win a $420,000 public renovation. The contract requires performance and payment bonds at 100%, so the bond amount is $420,000. At Light RFP the premium is 3% × $420,000 = $12,600, paid once, e-signed within 1–2 business days, and the bid bond you filed to win the job cost $0. Any credit check is a soft pull that never affects your score.

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Performance & payment bonds. Every state we write.