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What Types of Contract Bonds Might be Needed in Missouri?

A Missouri Contractor shakes hands with a client

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

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 a MoDot 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 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: 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.

Did you know?

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

Related Links:

Small Business Association Bond Guarantee Program
Missouri - Division of Purchasing - Current Bid Opportunities
Missouri Department of Transportation - Bid Opening Information
Missouri S&T - Information for Contractors
Washington University in St. Louis - Resource Management - Construction FAQs

How Much Will This Bond Cost?

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

How Do I Get a Surety Bond?

Contact our Surety Bond Specialists:

Phone: 1‑844‑432‑6637
Emailinfo@suretygroup.com
Fax:     404-351-3237
Hours: 8:00-5:00 CST, Monday through Friday



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