Contracts are generally done through a solicitation procedure where companies and individuals can bid on construction projects, services or goods. The process could include completion of entering the business into a vendor registry system, completion of a bid bond form, and other requirements. Below are links that provide more details to contract processes.
Contract Surety Bonds are required by the federal government, counties, local municipalities, universities- state or private or private entities and corporations. The process generally begins with a bidding process and if awarded the contract, a contract payment and/or performance (such as a Utah Department of Transportation (UDOT) contract) or contract bond may be required.
There are several categories of contract bonds which include:
Bid Bonds: A surety prequalifies the contractor bidding on the project. The bond confirms that if the contractor is the low bidder, the surety will issue the performance and payment bonds.
Performance Bonds: Guarantees the contractor will perform the contract, which includes projects completed on time, keeping costs within budget and any other pertinent terms within the contract.
Payment Bonds: Payment guarantee to subcontractors, suppliers and laborers.
Supply Bonds: A guarantee goods will be supplied with a specific timeline as outlined in the contract.
Maintenance Bonds: A guarantee of material workmanship for a certain period of time after a project has been completed.
Proposal Guarantee Bonds: Another name for Bid Bond.
The Small Business Administration has a Bond Guarantee Program to help small business contractors bid on a project.
SuretyGroup.com often writes Bid Bonds at no cost to you. Contact our Surety Bond Specialists to see if you qualify.
The premium that you pay for a Utah Contract Surety Bonds will vary and is dependent on work on hand, experience business and personal financial statements, scope of work, the amount of the project and other conditions.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. 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