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Surety Bonds 101 The Basics of Bonding

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Page 1: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Surety Bonds

101

Surety Bonds

101

The Basics of Bonding

Page 2: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

What is Surety Bonding?

Surety

ObligeePrincipal

Page 3: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Types of Surety Bonds

• Bid Bond

• Performance Bond

• Payment Bond

Page 4: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Types of Surety Bonds

• Bid Bond

• Performance Bond

• Payment Bond

Page 5: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Types of Surety Bonds

• Bid Bond

• Performance Bond

• Payment Bond

Page 6: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

CapacityFinancialStrength

CompanyHistory

OrganizationContinuation

Plans

References

Prequalification

WorkIn progress

Page 7: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

CapacityFinancialStrength

CompanyHistory

OrganizationContinuation

Plans

References

Prequalification

WorkIn progress

Page 8: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

CapacityFinancialStrength

CompanyHistory

OrganizationContinuation

Plans

References

Prequalification

WorkIn progress

Page 9: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

CapacityFinancialStrength

CompanyHistory

OrganizationContinuation

Plans

References

Prequalification

WorkIn progress

Page 10: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

CapacityFinancialStrength

CompanyHistory

OrganizationContinuation

Plans

References

Prequalification

WorkIn progress

Page 11: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

CapacityFinancialStrength

CompanyHistory

OrganizationContinuation

Plans

References

Prequalification

WorkIn progress

Page 12: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

CapacityFinancialStrength

CompanyHistory

OrganizationContinuation

Plans

References

Prequalification

WorkIn progress

Page 13: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

CapacityFinancialStrength

CompanyHistory

OrganizationContinuation

Plans

References

Prequalification

WorkIn progress

Page 14: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Surety Company Checklist

Good character Experience matching

contract requirements Financial strength Excellent credit

history Banking relationship Line of credit Necessary equipment

Page 15: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Benefits of Bonds

FinancialSecurity

ConstructionAssurance

Page 16: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Functions of Bonds

• No liens

• Smooth transition from construction to permanent financing

• Provide support to contractor

• Project completion

Surety Bonds

Page 17: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Cost of Surety Bonds

Bid Bond No charge

Performance Bond½ - 2% of contract price

Payment BondPrice included with performance bond

Page 18: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

Example Surety Bond Rates

Project Amount

Approx. Bond Premium

$1 Million $7,700 – $13,500

$5 Million $33,200 – $47,250

$10 Million $56,950 – $81,000

$20 Million $101,950 – $146,000

* Premiums may vary depending on size, type & contractors bonding capacity.

Page 19: Surety Bonds 101 The Basics of Bonding. What is Surety Bonding? Surety ObligeePrincipal

For More Information

Surety Information Office1828 L St. NW, Suite 720

Washington, DC 20036

202-686-7463 | Fax 202-686-3656

www.sio.org | [email protected]


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