Contracts are generally done through a bid letting procedure where companies and individuals can bid on services or construction projects. The process could include completion of a bid form, application to a vendor system, and other requirements. Below are links that provide more details to contract processes.
Contract Bonds are most often required by the federal government, local municipalities, counties, universities or private entities. 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 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 Bond: Provides a guarantee that the contractor will perform the contract, including finishing the project on time, staying within budget and other terms within the contract.
Payment Bond: Guarantees that suppliers, laborers and sub-contractors are paid.
The premium that you pay for a Wyoming Payment, Performance or Contract Surety Bond will vary and be dependent on business and personal financial statements, scope of work, the amount of the project, experience and other conditions. Bid Bonds in most cases are issued at no cost.
The Small Business Administration has a Bond Guarantee Program to help small business contractors bid on projects.
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