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Where Can I Get a Contract Surety Bond in New York?

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Contracts are generally done through a solicitation procedure where an individual or companies 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 necessary requirements.

Contract Surety Bonds are often required by local municipalities, federal government agencies, 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 NYSDot contract or AIA contract) may be required.

Typical Contract Bonds:

  1. Supply Bond: Guarantees that the company will supply goods within a specific time frame as outlined in the contract.
  2. Bid or Proposal Bond: Ensures that the surety prequalifies the contractor bidding on a project. The bond confirms that if the contractor is the low bidder, the surety will issue the performance and/ or payment bonds.
  3. Performance Bond: Guarantees the contractor will perform the duties and terms listed in the contract, including finishing the project on time, staying within budget and other terms within the contract.
  4. Payment Bond: Guarantees that payments are made to subcontractors, suppliers and laborers working on a contract project.
  5. Maintenance Bond: Guarantees for a set period of time, material workmanship 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
New York State Procurement
New York State Department of Transportation = Contractors General Information
The State University of New York - Doing Business with New York
New York City - Contracting Opportunities

How Much Will This Bond Cost?

The premium that you pay for a New York contract bond varies and is dependent on business and personal financials, scope of work, experience, the amount of the project, work on hand, 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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