Most often, contracts are awarded through a solicitation procedure where eligible companies and individuals can bid on services, construction projects or goods. The process can include completion of a bid bond form and an application to a vendor system.
Contract Surety Bonds are for the benefit of the "obligee," who is usually a federal government agency, a local municipality, county government, university or even a private entity. The process generally begins with a bidding process, and when a contractor is awarded the contract, a contract bond or payment and/or performance bond (such as for an ODot contract) may be required.
The Small Business Administration has a Bond Guarantee Program helps small or minority business contractors bid on projects.
SuretyGroup.com can often write Bid Bonds at no cost to you. Contact our Surety Bond Specialists to see if you qualify.
The premium that you pay for an Oklahoma contract bond varies and is dependent on 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