Contracts are generally done through a solicitation procedure where companies and individuals can bid on services, construction projects and 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.
District of Columbia 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 may be required.
There are several categories that fall under the umbrella of contract bonds which include:
District of Columbia Supply Bond: Guarantees that the company will supply the goods with a specific timeline as outlined in the contract.
District of Columbia 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.
District of Columbia Performance Bond: Guarantees the contractor will perform the contract, including finishing the project on time, staying within budget and other terms within the contract.
District of Columbia Proposal Guarantee Bond: Is another term for Bid Bond and includes the same aspects.
District of Columbia Payment Bond: Guarantees that subcontractors, suppliers and laborers are paid.
District of Columbia Maintenance Bond: Guarantees materials workmanship for a certain period of time after a project is completed.
The premium that you pay for a District of Columbia Contract Bond varies and will be dependent on business and personal financial statements, scope of work, the amount of the project, work on hand, and other conditions.
Contact our Surety Bond Specialists today at:
Hours: 8:00-5:00 CST, Monday through Friday