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

A New York Contractor shakes hands with a client

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.

There are several types of contract bonds which include:

Supply Bond: Guarantees that the company will supply goods within a specific time frame as outlined in the contract.

Bid 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.

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.

Payment Bond: Guarantees that payments are made to subcontractors, suppliers and laborers working on a contract project.

Maintenance Bond: Guarantees for a set period of time, material workmanship after a project is completed.

Proposal Guarantee Bond: Another term for Bid Bond

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.

How Do I Get a Surety Bond?

Contact our Surety Bond Specialists today at:

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

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