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How Do I Get a Contract Surety Bond in Oklahoma?

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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.

Contract Bonds Types:

  1. Supply Surety Bond: Guarantees that a contracted company will supply the goods or materials within a specific time period as outlined in the contract.
  2. Performance Surety Bond: Guarantees the contractor will perform the duties and obligations in the contract.
  3. Payment Surety Bond: Guarantees payment to subcontractors, suppliers and laborers working on a contract project.
  4. Maintenance Surety Bond: Guarantees material workmanship for a certain time period after a project is completed.
  5. Bid Bond: Ensures that the surety pre-qualifies the contractor bidding on the project. The bond is a confirmation that if the contractor is the low bidder, the surety can issue the performance and payment bonds.

Did You Know?

The Small Business Administration has a Bond Guarantee Program helps small or minority business contractors bid on projects.

Related Links:

Small Business Association Bond Guarantee Program
Oklahoma - Central Purchasing Division
Oklahoma - Department of Transportation - Contracts & Proposals
The University of Oklahoma - US Solicitations

How Much Will This Bond Cost?

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.

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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