Contracts are generally done through a solicitation procedure where companies and individuals can bid on services, construction project 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.
Idaho 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 (an ITD contract is an example) may be required. There are several categories that fall under the umbrella of contract bonds which include supply surety bonds, bid surety bonds, performance surety bonds, proposal guarantee surety bonds, payment surety bonds and maintenance surety bonds.
The premium that you pay for an Idaho contract surety bond varies and is dependent on business and personal financials, scope of work, the amount of the project and other conditions.
The Small Business Administration has a Bond Guarantee Program to help small contractors bid on projects