Performance Bond Inquiry: Payment Amount
Hi there! I have a contract worth $500,000 that stipulates a 10% Performance Bond. Could anyone let me know how much that would be? Thanks!
Performance bond. How much do I have to pay?
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To calculate the amount for a performance bond, you simply take the total value of the contract and multiply it by the percentage required for the bond. In your case, with a $500,000 contract and a 10% performance bond, the calculation would be:
$500,000 x 10% = $50,000.
So, you would need to pay $50,000 for the performance bond.