I want to do a relatively major development, over $5 million. I have several questions about bonding:
Does it have anything to do with me or just the experience and credit of the contractor? I think just the contractor, but I want to make sure.
On a Bid bond (I know, wrong forum, but I am trying to do it all in 1 question) it basically means that the contractor has to deliver at the price he quotes? What about the time frame I am quoted?
On the performance bonds:
Is there a penalty for lateness? If so, how much? That can be HUGE as interest rolls on.
What if there are changes along the way. What if the changes are minor or major? Do I need to get permissiona nd rebonded? Will it cost me more money?
What is specified in the bond? Everything from cost of the frame to the type of floors and toilets or is it more vargue?
Is there a way to know my exact costs before starting construction? Everyting from Hard costs, to time delivered, and have that insured against to guarantee that I get whant I contract for?

As a developer, would I need to get my own bonding?

Thanks in Advance.
Kenny