SuretyGroup.com has developed surety bond programs tailored to meet your specialized contract requirements. We utilize various sureties so that we can find the best fit for your contract needs and get your bond approved as fast as possible.
All Types of Contract 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 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 (such as for a Federal Design-Build Homeland Security Contract) may be required.
There are several categories that fall under the umbrella of contract 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 bond confirms that if the contractor is the low bidder, the surety will issue the performance and payment bonds.
Performance 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 Bond - Is another definition/term for Bid Bond and includes the same aspects.
Payment Bond - Guarantees that laborers, subcontractors, and suppliers are paid.
Maintenance Bond - Guarantees materials and workmanship for a certain period of time after a project is completed.
We offer bond programs for any contractor who needs construction bonds. And we do much more than just underwrite your Construction Bond. We advise you at each step in the process and work with you to increase your bonding capacity. 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 Bond Kit. It contains all the information you need to apply for a contract bond.
The SBA Surety Bond Guarantee Program
SuretyGroup.com has been working with contractors who want to apply for construction bonds through the SBA Surety Bond Guarantee Program for over 35 years. We know the ins and outs of the program and can guide you through the application process. Learn more about the SBA program.
Have Questions?Our Surety Bond Specialists are ready to assist you with your bonding needs.
Hours: 8:00-5:00 CST, Monday through Friday