School Bus Service Contract Performance Bond
What is a School Bus Service Contract Performance Bond?
A School Bus Service Contract Performance Bond is a type of Specialty Contractor bond that ensures that school bus contractors comply with the terms of their contracts and applicable state and local regulations for safe and reliable student transportation.
Protects school districts from financial loss due to the failure of a contractor to provide safe and reliable transportation services as agreed upon in their contract.
Required by school districts to ensure responsible management and performance by school bus contractors.
Applicant’s personal or business information, credit history, bond amount (determined by the contract requirements), and school bus contract details.
Based on credit history and bond amount, usually 1-5% of the bond amount.
