What is a green performance bond?

Chris asked this on June 18, 2011 in Performance Bonds

SuretyBonds.com answered this on June 18, 2011

At this point in time green performance bonds don't actually exist. Washington D.C.'s Green Building Act of 2006 mandated the use of green performance bonds, which meant that contractors would be required to supply nonexistent bonds in 2012. Fortunately the act was amended to more accurately reflect the surety industry's current bond products, but the need for green performance bonds still persists.