CONTRACT SURETY BONDS
Please select your surety bond from the list of bonds below. 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. Contact us if you have any questions about what type of bond you need.
What are the underwriting guidelines?
Contract bonds are underwritten on the following criteria:
Scope of Work
Bond and Contractual Language
Corporate and Personal Net Worth
Corporate and Personal Credit History
Corporate and Personal Assets
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.
- Fast Track Application—A Fast Track application can be used for projects or contracts under $250,000. Fast Track applications rely heavily on personal credit history.
Simply complete the Fast Track application and submit with the following items:
- Bond Kit Application—A traditional Bond Kit application can be used for all contract regardless of size or scope of work.
Simply complete the Bond Kit application and submit with the following items:
- Copy of Contract or Bid Specs
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.
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.
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.
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.
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.
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.