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What Is a Surety Bond Requirement for a Contract in Hawaii?

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Hawaii 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 (as an example a HIDot contract) may be required.

Contracts are generally done through a solicitation procedure where companies and individuals can bid on construction projects, services 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.

What Type of Contract Bond do You Need?

Hawaii Supply Bond: Guarantees that the company will supply the goods with a specific timeline as outlined in the contract.

Hawaii 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.

Hawaii Performance Bond: Guarantees the contractor will perform the contract, including finishing the project on time, staying within budget and other terms within the contract.

Hawaii Proposal Guarantee Bond: Another term for Bid Bond and includes the same aspects.

Hawaii Payment Bond: Guarantees that subcontractors, suppliers and laborers are paid.

Did You Know?

The Small Business Administration has a Bond Guarantee Program to help small contractors bid on projects.

How Much Will This Bond Cost?

The premium that you pay for a Hawaii contract surety bond will vary and will be dependent on business and personal financials, scope of work, the amount of the project, work on hand, and other conditions.

Related Links:

Small Business Association Bond Guarantee Program
State of Hawaii Procurement Office - Price & Vendor List Contracts
State of Hawaii Department of Transportation - Contracts

More Surety Bond Questions?

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.

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