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The Bond Specialist

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STANDARD CONSTRUCTION BOND PROGRAM
 
(For Contractors needing Bonds over $400,000)


Our STANDARD CONSTRUCTION BOND PROGRAM is for contractors who normally require performance and payment bonds for jobs over $400,000. This program is aimed at contractors that have frequent bond needs. To consider your request, we would need the forms in our Standard Construction Bond Program Kit completed. Ask for a Standard Construction Bond Program Kit. Our kit contains all the necessary forms and information you will need completed. We welcome any questions you may have concerning

The Following Documents Will Be Needed With Your Submission:

 

FINANCIAL STATEMENTS: 

  1.  CURRENT BUSINESS FINANCIAL STATEMENTfor the  fiscal year end, six month interim, or quarterly report, whichever is most current.
  2. BUSINESS YEAR END FINANCIAL STATEMENTS for the last two to three years.
  3. If applicable, A FINANCIAL STATEMENT on any other business in which any owner has 20% or more ownership.
  4. CURRENT PERSONAL FINANCIALSTATEMENTfor each owner and/or officer.

IN ADDITION, YOU WILL NEED TO COMPLETE THE FOLLOWING FORMS INCLUDED IN OUR STANDARD CONSTRUCTION BOND PROGRAM KIT:

  1. Application/ Questionnairefor Contract Bonding**
  2. Schedule of Your Uncompleted Work**
  3. Bond Request Form (If for a final bond, please provide a copy of the contract.)
  4. Bank Letter
  5. A Completed "Selected Assets and Liabilities" form or Provide Aged Receivables and Payables schedules.
  6. Resume of experience for each owner, partner, or stockholder; and key employees, if applicable.**


** Substitute forms from other recognized surety companies will be accepted.


AFTER AN AGREEMENT WITH THE SURETY IS REACHED, THE COMPANY AND IT'S OWNERS AND THEIR SPOUSES MUST SIGN A GENERAL INDEMNITY AGREEMENT.


After reviewing the completed financial information listed above, we will then submit your request for contract bonds to the surety companies we consider the best match for you. After discussions with the surety companies, we may request additional items to complete the underwriter's file. If everything is acceptable, a specific bond commitment to provide surety bonds will then be made.


PREMIUM RATES AND FEES
In general, 2. - 2.5% of the contract amount. Rates are determined by the experience and financial strength of the contractor. Other rates range between 1.4 and 3.% of the contract amount. Standard Surety Association rates are also available.