Surety Bond Premium (Tiered Rate)
Tiered premium per $1,000 of contract: $25/$15/$10 per thousand on the first $100k / next $400k / above $500k. A $500,000 contract -> $8,500 (1.70%); a $2.5M job adds $20,000 for $28,500 (1.14%, the top band blends lower). The premium is a bid cost. The surety's rate schedule and underwriting govern.
Formula and source
premium = sum over bands of (contract in band / 1000) x band_rate; band rates $25/$15/$10 per $1,000 on first $100k / next $400k / above $500k; rate% = premium / contract.
A tiered surety-bond premium on a performance/payment bond, priced per $1,000 of contract value on a declining-rate schedule, by name.
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