There’s no smarter business insurance partner than True & Associates.
A contract bond (better known as a contractor bond) is a surety bond that guarantees that a job will be completed as set forth in the contract for that job. Construction contractors need surety bonds that help protect both the project owner and the contractor are protected by guaranteeing job completion.
If you work on municipal, state, or federal projects it’s likely you are required as a contractor to have contract bonds. There are also multiple types of contract bonds for different stages of a project. We can help you find what suits your needs.
Available Contract Bonds
Performance & Payment bonds
Release of lien bonds
Critical Steps in Securing a Contract Surety Bond
For most surety programs in excess of $500,000 the following underwriting information is required:
- Current period fiscal year-end financial statement prepared by a certified public accountant.
- Prior two periods’ fiscal year-end financial statements prepared by a certified public accountant.
- Current period aging of receivables schedule. (30, 60, 90 days & Retention)
- Current personal financial statement for all owners of the company.
- Completion of the True & Associates Agency Questionnaire.
- Copy of a bank line of credit. (If Applicable)
- Current work in process schedule.