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Best Value - One Premium, Both Bonds

Performance &Payment Bonds

Get both bonds for one premium. Miller Act compliant for federal contracts over $150,000. The smart choice for construction contractors.

0.5%
Starting Rate
1 Premium
Both Bonds
24-48hr
Approval
$14M+
Contract Size
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Get Your P&P Bond Quote

One premium covers both bonds

📋 Get Your Performance Bond Quote

Fast approval • Competitive rates

Secure | No Obligation | Takes 2 Minutes

✓Fast approval•✓A- rated carriers•✓All 50 states
Treasury Listed
SBA Approved
24-48hr Approval
Miller Act Compliant

Two Bonds, One Premium

Understand what each bond protects and why you need both

Performance Bond

Protects project owner

Guarantees the contractor will complete the project according to contract terms, specifications, and timeline.

Learn more

Payment Bond

Protects subcontractors

Guarantees subcontractors, suppliers, and laborers will be paid for their work and materials.

Learn more

P&P Bond Pricing

One premium for both bonds - rates vary by credit and contract size

Excellent (750+)
0.5%-1.5%
$5K-$15K on $1M
Good (700-749)
1.5%-2%
$15K-$20K on $1M
Fair (650-699)
2%-2.5%
$20K-$25K on $1M
Poor (<650)
2.5%-3%+
$25K-$30K+ on $1M

Best Value in Construction Bonding

Pay one premium and get both performance AND payment bonds. No separate charges.

When P&P Bonds Are Required

Federal Miller Act and state "Little Miller Acts" mandate bonding

Federal Miller Act

Contract Threshold$150,000+
Performance Bond100% of contract
Payment Bond100% of contract
Surety RequirementTreasury-listed

State Little Miller Acts

Arizona$0 (all)
California$25,000
Texas$25,000
Washington$35,000
Colorado$150,000
Florida$200,000

Approval Timeline

Fast approval for most contract sizes

Under $250K
24-48 hours
$250K-$750K
2-5 days
$750K-$1.5M
5-7 days
Over $1.5M
7-14 days

Frequently Asked Questions

Common questions about P&P bonds

What are payment and performance bonds?

Payment and performance bonds (P&P bonds) are two surety bonds required together on most public construction projects. The performance bond guarantees project completion. The payment bond guarantees subcontractors and suppliers get paid. They're issued together for a single premium.

How much does a combined P&P bond cost?

Combined payment and performance bond cost typically ranges from 0.5% to 3% of contract value. You pay one premium for both bonds. For a $1 million contract with good credit, expect $10,000-$20,000 total.

When are P&P bonds required?

Required on federal contracts over $150,000 under the Miller Act, state/local contracts per Little Miller Acts, and many private projects at owner's discretion. Usually paired with bid bonds.

Do I pay separately for performance and payment bonds?

No. Payment and performance bonds are issued together for a single combined premium. The cost is identical whether you need one bond or both.

How long does approval take?

Bonds under $250K can be approved in 24-48 hours. Bonds $250K-$750K take 2-5 business days. Larger bonds requiring full underwriting take 5-14 business days.

Related Bond Types

Complete your construction bonding package

Bid Bonds

Required to submit competitive bids - often free with P&P bonds

Performance Bonds

Standalone performance bond information

Payment Bonds

Standalone payment bond information

Contract Bonds

All construction bonding types explained

Written by BuySuretyBonds.com
Surety bond specialists operating nationwide with direct integrations to Treasury-certified surety carriers. Our platform enables instant approval for license and notary bonds, with 24-48 hour underwriting for commercial bonds. All content is researched from official state and federal sources (.gov) and reviewed by bond industry experts.
One Premium, Both Bonds

Ready to Get Your P&P Bonds?

Get both performance and payment bonds for a single premium. Fast approval for federal and state construction projects up to $14M.

Get P&P Bond QuoteAdd Bid Bonds
Treasury Listed
24-48hr Approval
Rates from 0.5%