Performance & Payment Bonds in Maine
The Keating Agency writes performance & payment bonds across Maine. Performance and payment bonds are the core of contract surety. We build the underwriting once and keep your program ready, so each project bond issues cleanly.
A contract surety bond is a three-party guarantee — among the contractor, the project owner (the obligee), and the surety — that a construction contract will be fulfilled. The three core types are the bid bond that backs your proposal, the performance bond that guarantees the work is completed per the contract, and the payment bond that guarantees subcontractors and suppliers are paid.
In Maine: Maine's Little Miller Act requires paired performance and payment bonds on public construction, with MaineDOT a leading obligee. The payment bond protects labor and material providers who cannot lien public property.
Estimate your Maine performance & payment bond cost
Enter the bond amount Mainerequires and we'll estimate your premium — then send an exact quote.
Estimated first-term premium on a $500,000 contract — roughly 0.75%–3% of the contract amount. Stronger credit, financials, and bonding history land near the low end. Final rate is set at underwriting.
Get the detailed breakdown + an exact quote
We'll send a line-by-line estimate for your performance & payment bonds and confirm your exact rate. Or call 610-489-6168.
Types of performance & payment bonds in Maine
Performance bonds
Guarantee completion of the contract per plans and specifications.
Payment bonds
Guarantee payment to subcontractors, laborers, and material suppliers.
Maintenance / warranty bonds
Cover defects for a defined period after completion.
What we need to quote in Maine
Bond form / obligee language (or link to the specs)
Latest financials (CPA-prepared for larger programs)
WIP schedule and backlog
Bank letter / line of credit terms (sometimes)
Performance & Payment Bonds in Maine — FAQ
How much do performance and payment bonds cost?
Performance and payment bonds typically cost about 0.75%–3% of the contract amount, on a sliding scale: larger contracts backed by strong credit and financials land near the low end (often well under 1%), while smaller or newer accounts sit toward the high end. On a $500,000 contract that's roughly $3,750–$15,000. We quote your exact rate once we see the job and financials.
Are both bonds always required?
On public projects, usually yes — most states' Little Miller Act requires payment and performance bonds above a threshold. Private owners vary; the bond form tells us what's required.
What single and aggregate limits can I get?
That's set by your financials, WIP, and track record. A clean, well-organized submission is the single biggest lever on your bonding capacity.
Get your performance & payment bond in Maine
Send the bond form and amount and we'll confirm the Maine requirements and get it issued — often the same day. A-rated carriers, statewide.
Start Your Bond Request
One form, every bond type — or chat with us and we'll confirm requirements right away.
All bond types — contract, subdivision & commercial
Request a Bond→One form for every bond request — we'll confirm requirements and route it right away.
✓ We'll review your submission, confirm any missing details, and follow up with a quote or next steps — typically within 1 business hour during business hours.
Available Mon–Fri — or leave a message and we'll follow up same day.