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How Do I Get a Contract Surety Bond in New Jersey?

New Jersey Contract Bond

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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.

Contract Bonds are often required by local municipalities, counties, federal agencies, 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 for a NJDot contract) may be required.

Bonds That are Associated With Contracts:

  1. Payment Bond: guarantees that subcontractors, suppliers and laborers are paid.
  2. Performance Bond: guarantees the contractor will perform the contract, including finishing the project on time, staying within budget and other terms within the contract.
  3. Supply Bond: guarantees that the company will supply the goods within a specific time period as outlined in the contract.
  4. Bid Bond or Proposal Guarantee 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.
  5. Maintenance Bond: guarantees materials workmanship for a certain period of time after a project is finished.

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
State of New Jersey - State Contracting Opportunities
State of New Jersey - Department of Transportation - Division of Procurement
The Port Authority of New York & New Jersey - Bidding and Understanding Construction Contracts

How Much Will this Bond Cost?

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

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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