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Contract Surety Bonds

 

A ‘Contract Bond’ is a generic term used to describe all bonds pertaining to a contract. Most of the time, a contract bond is referring to bonds that cover a construction project; however, they also cover supply and service contracts.

What are the underwriting guidelines?

Court bonds are underwritten on the following criteria:

How much does a Contract Bond cost?

American Surety Bonds Agency has many programs in place for contractors. Programs start at less than 1% of the contract amount and range upwards depending on the underwriting guidelines.

Contact us today to find out which program you qualify for.

How do I apply for a Contract Bond?

There are two ways to apply for contract bond.

 

 

Frequently Asked Questions For :

What are the underwriting guidelines?

Contract Surety Bonds are underwritten on the following criteria:
Bond Type, Bond Amount, Corporate and Personal Credit History, Corporate and Personal Net Worth, Years in Business, Claim History, Obligee Obligation

How much does the bond cost?

American Surety Bonds Agency has a number of programs in place for Contract Surety Bonds. Our 5 tiered programs start at less than 1% of the bond amount with competitive rates for all applicants. Contact us today to find out which program you qualify for.

How do I apply for a Contract Surety Bond?

There are two ways to apply for contract bond.

Bid Bond

A Bid Bond is a type of contract bond that guarantees that the bidder will bid on the project in good faith and can procure the requisite payment and performance bonds within the amount of time specified in the bid specifications once the contract is awarded Apply Here

Environmental Bond

An Environmental Bond is a generic term that refers to bid bonds, supply bonds, maintenance bonds and payment & performance bonds where the scope of work in the contract involves hazardous environmental materials. Apply Here

Fast Track Bond

A Fast Track Bond is a generic term that refers to bid bonds, supply bonds, maintenance bonds and payment & performance bonds are underwritten using the Fast Track application process. The Fast Track application process is for bids and contracts under $250,000 and relies heavily on the owner’s personal credit history.

Maintenance Bond

A Maintenance Bond is a type of contract bond that guarantees the Principal will maintain the project and correct any defective workmanship after the project is complete. Apply Here

Payment & Performance Bond

A Payment and Performance Bond is a blanket term referring to two separate contract bonds: Payment and Performance. Payment & Performance Bonds, or Final Bonds, are usually required and issued together. Apply Here

Supply Bond

A Supply Bond is a type of contract bond that guarantees that the Principal will supply the materials as specified in the contract. A Supply Bond must be required in the contract. Apply Here

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