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 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 may be required.
Supply Bond: Guarantees that the company will supply the goods with a specific timeline as outlined in the contract.
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.
Performance Bond: Guarantees the contractor will perform the contract, including finishing the project on time, staying within budget and other terms within the contract.
Proposal Guarantee Bond: Is another term for Bid Bond and includes the same aspects.
Payment Bond: Guarantees that subcontractors, suppliers and laborers are paid.
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 Surety 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.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. 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.
For a downloadable application