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University of Florida

1. Myers, Lorena. Performance Bond Cost-Effectiveness Analysis.

Degree: M.E., Civil Engineering - Civil and Coastal Engineering, 2009, University of Florida

A performance bond provides the assurance that an awarded construction project will be satisfactorily completed in the event that the contractor is unable to complete the projects as agreed and the contract is terminated. Passed into law in the late 1800s, performance bonds protect against financial losses. The ability of contractors to provide performance bonds for the projects they bid on has mistakenly been assumed as a guarantee that contractors will perform well on the projects they are awarded when in fact this is not the case. With the scarcity of funding, due to the recent recession, and the awarding of contracts to contractors who continually default on projects they are awarded, indications are that there is a need to evaluate the cost-effectiveness of performance bonds. This paper takes a look at the cost-effectiveness of performance bonds on a national basis. In order to do the analysis, state construction project data was collected for contract awards from the last two years (September 2007 to September 2009). The results of the analysis suggest that states that have a small number of defaults, or none at all, did not benefit while states that have numerous defaults benefited from having performance bonds. In conclusion, the results suggest that performance bonds were beneficial to states that experience a large number of defaults. ( en ) Advisors/Committee Members: Najafi, Fazil T. (committee chair), Tia, Mang (committee member).

Subjects/Keywords: Construction contracts; Contract labor; Contract provisions; Cost effectiveness analysis; Cost efficiency; Cost estimates; Requirements contracts; Surety; Total costs; Transportation; cost, default, performance

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APA (6th Edition):

Myers, L. (2009). Performance Bond Cost-Effectiveness Analysis. (Masters Thesis). University of Florida. Retrieved from

Chicago Manual of Style (16th Edition):

Myers, Lorena. “Performance Bond Cost-Effectiveness Analysis.” 2009. Masters Thesis, University of Florida. Accessed July 17, 2019.

MLA Handbook (7th Edition):

Myers, Lorena. “Performance Bond Cost-Effectiveness Analysis.” 2009. Web. 17 Jul 2019.


Myers L. Performance Bond Cost-Effectiveness Analysis. [Internet] [Masters thesis]. University of Florida; 2009. [cited 2019 Jul 17]. Available from:

Council of Science Editors:

Myers L. Performance Bond Cost-Effectiveness Analysis. [Masters Thesis]. University of Florida; 2009. Available from: