Contracts are awarded through a solicitation procedure where companies and individuals can bid on services.
Contract Bonds are often required by the federal government, local municipalities, counties, universities or private entities for awarded contracts. The process generally begins with a bidding process, and contractors that are awarded contracts,payment and/or performance or contract surety bond may be required.
The Small Business Administration has a Bond Guarantee Programassists minority and small business contractors bid on projects.
The premium that you pay for an Ohio contract bond will vary and be dependent on work on hand, business and personal financial statements, 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.
For a downloadable application