Performance & Guaranty Bond – New Bedford, MA

If you’re a contractor, developer, or utility provider planning to undertake construction, excavation, or infrastructure-related work in New Bedford, Massachusetts, you may need to obtain a Performance & Guaranty Bond. This bond is a key requirement for obtaining work permits, ensuring that any project involving public streets, sidewalks, or other municipal property is completed according to city standards and without financial risk to the government or residents.

At Axcess Surety, we specialize in helping contractors secure the bonds they need quickly and affordably. Our team understands the specific bonding requirements for New Bedford and ensures that you get the right coverage so you can focus on your project without delays.

What is a Performance & Guaranty Bond?

A Performance & Guaranty Bond is a type of surety bond that guarantees a contractor will complete work in compliance with city regulations and contractual obligations. It serves as a financial safeguard for the city and ensures that any damage to public infrastructure caused by the work is repaired properly.

How the Bond Works:

• If a contractor fails to complete the work to city standards or causes damage that is not repaired, the city can file a claim against the bond.

• The surety company will investigate the claim, and if it is valid, they will compensate the city for the necessary repairs or corrective work.

• The contractor is ultimately responsible for repaying the surety company for any claims paid out.

This ensures that taxpayers are not left covering the costs of incomplete or substandard work.

Who Needs This Bond in New Bedford?

A Performance & Guaranty Bond is required for businesses and individuals engaging in work that affects public property. This includes:

✅ General contractors – Those handling residential, commercial, or municipal projects that require excavation or infrastructure work.
✅ Utility service providers – Companies installing, repairing, or maintaining water, sewer, electrical, telecommunications, or gas lines.
✅ Excavation and paving contractors – Businesses performing roadwork, sidewalk repairs, or driveway installations.
✅ Landscapers and hardscape installers – Any company modifying curbs, sidewalks, or public right-of-way areas.
✅ Developers – Those working on residential or commercial property development that requires connections to public infrastructure.

Before obtaining a permit for work that disturbs city streets, sidewalks, or utilities, these professionals must submit a valid Performance & Guaranty Bond to the City of New Bedford.

Why Does New Bedford Require This Bond?

The City of New Bedford requires this bond to protect public assets and ensure that contractors follow established safety and quality standards.

Key Protections the Bond Provides:

✔️ Ensures proper completion of work – Contractors must follow all city codes and regulations.
✔️ Protects public funds – The city won’t have to pay for repairs if a contractor abandons a project or does substandard work.
✔️ Covers potential damage – If public property (e.g., streets, sidewalks, underground utilities) is damaged, the bond ensures repairs are covered.
✔️ Encourages responsible contracting – Contractors are held accountable for meeting quality and safety standards.

From what we’ve seen, cities that enforce these bonding requirements experience fewer cases of unfinished projects, construction defects, and costly repairs. For contractors, securing this bond demonstrates professionalism and financial responsibility, which can help win bids and build trust with clients.

Bond Amount and Cost in New Bedford

The City of New Bedford requires a $10,000 Performance & Guaranty Bond for contractors working on public streets or sidewalks.

How Much Does It Cost?

The cost of the bond (premium) varies based on:

• The contractor’s credit score and financial history.

• Business experience and past bond claims.

• The surety company’s underwriting process.

Typically, premiums range from 1% to 5% of the bond amount. For a $10,000 bond, that means:

• Good credit: Premiums as low as $100 per year.

• Average credit: Premiums between $150 and $300 per year.

• Poor credit: Premiums could be higher, but many contractors still qualify with additional financial documentation or collateral.

At Axcess Surety, we work with multiple surety providers to find the lowest rates, even for contractors with credit challenges.

How to Obtain a Performance & Guaranty Bond in New Bedford

Getting a Performance & Guaranty Bond is a straightforward process when you work with an experienced surety bond provider.

Step-by-Step Process:

1️⃣ Confirm Bond Requirements

• Check with the City of New Bedford’s permitting office to verify the required bond amount and conditions.

2️⃣ Apply for the Bond

• Submit an application with a reputable surety company like Axcess Surety.

• Provide basic business and financial details (such as business history and credit score).

3️⃣ Underwriting & Approval

• The surety company reviews your application.

• If needed, they may request additional financial documentation.

4️⃣ Pay the Premium

• Once approved, pay the annual bond premium.

• The bond is then issued and sent to you.

5️⃣ File the Bond with the City

• Submit the bond to the New Bedford city office as part of your permit application.

From our experience, most contractors can secure their bond in 24-48 hours, depending on their financial history.

Why Choose Axcess Surety?

In our line of work, we’ve helped hundreds of contractors and businesses secure their required bonds quickly and affordably. We understand that delays in bonding can hold up projects, increase costs, and cause unnecessary stress. That’s why we make the process as smooth as possible.

Why Work With Us?

✔️ Fast Approvals – Get bonded in as little as 24 hours.
✔️ Competitive Rates – We find you the lowest premium available.
✔️ Easy Application Process – No excessive paperwork or long wait times.
✔️ Expert Guidance – We help you understand the requirements and ensure compliance.
✔️ Flexible Payment Options – We offer financing for higher premiums.

Whether you’re securing a bond for the first time or renewing an existing bond, we make it easy so you can stay focused on your project.

Get Your Performance & Guaranty Bond Today!

Don’t let bonding requirements slow down your project. We can help you secure your New Bedford Performance & Guaranty Bond quickly, at the best rate possible.

📞 Call us today for expert assistance.
💻 Apply online now and get bonded in as little as 24 hours!

At Axcess Surety, we’re here to help you move forward with confidence.