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What Type of Contract Bond May Be Required in Rhode Island?

Rhode Island Contract Bond

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Contracts are generally done through a solicitation procedure where services, projects or goods can be bid on. The process could include completion of a bid bond form, application into a vendor system, and other necessary requirements. Below are links that provide information on contract processes.

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

Types of Contract Bonds:

Bid Bond- Ensures that a surety pre-qualifies the contractor that plans to bid on a project. The bond confirms that if the contractor is the lowest bidder, the surety may issue the performance and payment bonds.

Performance Bond- Guarantees the contractor complete the terms of the contract, including completion of the project on time and staying within budget.

Supply Bond- Guarantees that a company will supply goods and materials on time as specified in the contract.

Payment Bond- Guarantees that payment to suppliers, subcontractors, and laborers are made.

Maintenance Bond- After a project is completed, the bond guarantees material workmanship for a certain period of time.

Did You Know?

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

Related Links:

Small Business Association Bond Guarantee Program
Rhode Island Bidding Opportunities

How Much Will This Bond Cost?

The premium that you pay for a Rhode Island Contract Bond will vary and is dependent on business and personal financial statements., scope of work, the amount of the project and other conditions. Most often, bid bonds are issued at no cost.

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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