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How Do I Get a Contract Bond in North Dakota?

A North Dakota Contractor shakes hands with a client

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. Below are links that provide more details to contract processes.

Contract Bonds are often required by a federal government agency, local municipalities, counties, universities or private entities. The process generally begins with a bidding process and if a contractor is awarded the contract, a contract bond or payment and/or performance bond (such as for an NDDot contract) may be required.

The following are types of bonds associated with a contract:

Supply Bond: A Guarantee that the company will supply the goods with a specific timeline as outlined in the contract.

Bid Bond: Ensures that the surety pre-qualifies 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.

Performance Bond: guarantees the contractor will perform the duties in the contract, including finishing the project on time, staying within budget and other terms within the contract.

Proposal Guarantee Bond: Another term for Bid Bond and includes the same requirements

Payment Bond: A guarantee that subcontractors, suppliers and laborers are paid.

Maintenance Bond: A guarantees of material workmanship for a certain period of time after a project is completed.

Did You Know?

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

Related Links:

Small Business Association Bond Guarantee Program
North Dakota - Bidding Opportunities
North Dakota - Department of Transportation - Contractor Information

How Much Will This Bond Cost?

The premium that you pay for a North Dakota contract bond will vary and is dependent on business and personal financial statements, scope of work, the amount of the project, experience, and other conditions.

How Do I Get a Surety Bond?

Contact our Surety Bond Specialists today at:

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



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