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What Types of Contract Surety Bonds May be Required in Ohio?

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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.

Common Contract Bonds:

  1. Supply Bond: Guarantees that a company will supply goods within a specific time as stipulated in a contract.
  2. Bid Bond: A pre-qualification process where a surety ensures that a contractor is elgible to bid on a project. The bond confirms that if the contractor is the low bidder, the surety will issue a performance and/or payment bond.
  3. Performance Bond: Guarantees the contractor will perform the obligations set forth in a contract, including completion of a project on time and keeping costs within budget.
  4. Proposal Guarantee Bond: Same description as "Bid Bond."
  5. Payment Bond: Guarantees that subcontractors, suppliers and workers on a contract project are paid.
  6. Maintenance Bond: Guarantees materials workmanship for a certain period of time after a project is finished.

Did You Know?

The Small Business Administration has a Bond Guarantee Programassists minority and small business contractors bid on projects.

Related Links

Small Business Association Bond Guarantee Program
State of Ohio - Procurement
Ohio Department of Transportation - Invitation to Bid Information
Ohio University - Construction & Facilities Bid Information

How Much Will This Bond Cost?

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.

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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