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