What Is a Performance Bond — and How Much Do They Cost?

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If you've ever worked in construction or on a real estate development project, chances are you've heard the term "performance bond" before. If you haven't, the lingo might be completely new. Regardless of your familiarity with the term, you might still be wondering what performance bonds are, exactly. 

Here, we'll delve into what performance bonds do, how they compare to insurance, and more. In short, it's time for Performance Bonds 101.