Solar EPC (Engineering, Procurement, and Construction) Contract Bond
What is a Solar EPC (Engineering, Procurement, and Construction) Contract Bond?
A Solar EPC (Engineering, Procurement, and Construction) Contract Bond is a type of Specialty Contractor bond that ensures that solar engineering, procurement, and construction (EPC) contractors comply with contract terms, federal, state, and local regulations, protecting clients from any damages or improper execution of the solar project.
Offers financial protection and recourse in case the contractor fails to meet the agreed-upon terms, such as completing the construction of the solar energy project on time, within budget, and according to the specified quality standards.
Required by government agencies or private clients to ensure responsible management and compliance with contract terms and regulations by solar EPC contractors.
Applicant’s personal or business information, credit history, bond amount (determined by the contract requirements), and solar EPC contract details.
Based on credit history and bond amount, usually 1-5% of the bond amount.
