Contracts are generally done through a solicitation procedure where companies and individuals can bid on services, construction projects, or goods. The process could include completion of a bid bond form, application to a vendor system, and other requirements. Below are links that provide more details to contract processes.
Arkansas Contract Surety Bonds are often required by the federal government, local municipalities, counties, universities or private entities. The process generally begins with a bidding process and if awarded the contract, a contract bond or payment and/or performance bond (example an AHTD contract) may be required.
Arkansas Supply Bond: Guarantees that the company will supply the goods with a specific timeline as outlined in the contract.
Arkansas Bid Bond: ensures that the surety prequalifies the contractor bidding on the project. The bond confirms that if the contractor is the low bidder, the surety will issue the performance and payment bonds.
Arkansas Performance Bond: Guarantees the contractor will perform the contract, including finishing the project on time, staying within budget and other terms within the contract.
Arkansas Proposal Guarantee Bond: Is another term for Bid Bond and includes the same aspects.
Arkansas Payment Bond: Guarantees that subcontractors, suppliers and laborers are paid.
Arkansas Maintenance Bond: Guarantees materials workmanship for a certain period of time after a project is completed.
The premium that you pay for an Arkansas Contract Surety Bond will vary in cost and is dependent on business and personal financials, scope of work, the amount of the project and other conditions.
The Small Business Administration has a Bond Guarantee Program to help small contractors bid on projects
Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.