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