Contracts are generally done through a solicitation procedure where companies and individuals can bid on services, goods, or construction projects. The process could include completion of a form for a bid bond, vendor application, and there may be other requirements. Below are links that provide more details to contract processes.
Contract Surety Bonds are often required by local municipalities, federal government, counties, private entities or universities. The process generally begins with a bidding process and if awarded the contract, a contract bond or payment and/or performance bond may be required.
Bid Bond: A prequalification process by a surety that confirms that a contractor is eligible to bid on the project. The bond confirms that if the contractor is the low bidder, the surety will issue the performance and payment bonds.
Performance Bond: Guarantees the contractor will perform the contract, including: staying within budget, finishing the project on time, and other terms within the contract.
Payment Bond: Is a guarantee that laborers, subcontractors, suppliers are paid (such as for a WSDot contract).
Maintenance Bond: A guarantee of materials workmanship within a certain period of time after a project has been completed.
Proposal Guarantee Bond: Another term for Bid Bond.
Supply Bond: A guarantee that the company will supply the goods with a specific timeline as stated in the contract.
The Small Business Administration has a Bond Guarantee Program to help small contractors bid on contract 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 a Washington contract surety bond varies and is dependent on business and personal financial statements, scope of work, experience, 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, call us first. 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