Contract, Bid or Performance Surety Bonds including Small Contractors

All Types of Contract Surety Bonds

Contracts are generally done through a solicitation bid letting procedure where companies and individuals can bid on services or goods. The process could include completion of a Bid Bond Form, application to a vendor system, and other requirements.

Contract Surety Bonds are often required by the federal government, local municipalities, counties, states, 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 (such as for Rehabilitation of a Building Contract) may be required.

There are several categories that fall under the umbrella of contract surety bonds which include:

Supply Bond - Guarantees that the company will supply the goods and materials with a specific timeline as outlined in the contract.
Bid Bond - The surety prequalifies the contractor bidding on the project. The surety bond confirms that if the contractor is the low bidder, the surety will issue the performance and payment bonds.
Performance Surety Bond - Guarantees the contractor will perform the duties written in the contract, including finishing the project on time, staying within budget and other terms within the contract.
Proposal Guarantee Surety Bond - Is another definition/term for Bid Bond and includes the same aspects.
Payment Surety Bond - Guarantees that laborers, subcontractors, and suppliers are paid.
Payment and Performance Surety Bonds - Guarantees that a contractor will pay all suppliers and subcontracts for labor and materials and faithfully perform all duties set forth in a contract.
Maintenance Surety Bond - Guarantees materials and workmanship for a certain period of time after a project is completed.

We offer surety bond programs for any contractor who needs contract bonds. And we do much more than just underwrite your Contract Bond. We advise you at each step in the process and work with you to increase your bonding capacity and offer funds control to keep your large project on track. In fact, the financial review we do with you will enable you to develop a framework for growing your business for years to come. To get started, download our Surety Bond Kit. It contains all the information you need to apply for a contract surety bond. Have questions? Contact SuretyGroup.com and we'll be happy to help.

The Small Contractor Surety Bond Program (SCP)

SuretyGroup.com has been working with small contractors who want to apply for construction surety bonds but have only several years experience, have completed smaller jobs and do not have extensive business financials (CPA), can apply for our Small Contractor Program. It's quick, with a simple application process, no business financials required up to $750,000 in total bonded projects and the program is based on personal credit of the owners(s). As your projects increase in bonding size, we work with your company through the process to build your bondability and portfolio.

Types of Contract Possibilities: