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Bid and Performance Non SBA
Who Requires a Performance Bond? Why?
- Mostly for contractors working on a public project over $100,000 but can also be required for private job owners and smaller contract amounts
- May be required of subcontractors & suppliers
- Ensures the Contractor’s character, capacity, and capitol to perform the contract
What it Covers
- Bid Bonds guarantee the contractor will accept the contract if awarded as low bidder.
- Bid Bonds are typically for 5-10% of the bid
- Payment and Performance Bonds guarantee that the contractor will perform the contract and pay for labor and materials.
- Payment Bonds are typicallly 100% of the contract amount
Example of Companies Required to Obtain a Bond
- General Contractor
- Cement Paver
- Asbestos Abatement
- Security Alarm Installer
- And Many More!
Items Needed for Consideration of Any Bid &/or Performance/ Payment Bonding Account
Last 2 or 3 Fiscal year-end financial statements for the business
Current personal Financial statements for all the owners
Contractor's Surety Questionnaire
Current Schedule of Work on Hand
Current Bank reference letter, indicating bank line established
Resume of Owner(s)
Job reference letters
Current Certificate of Insurance
- We have an outstanding contract bond program through Liberty Surety First. It's designed for contractors who need bid and performance bonds up to a $350,000 single bonded job and $700,000 aggregate.
- Competitive pricing within industry standard
- Quick Quote Turnaround
- 24-48 hour response on new account submissions
- Difficult to place accounts
- Access to standard and non-standard carriers
- Accept applications from other surety companies to review a submission
- All J.M. Wilson surety markets are "A' rated
8036 Moorsbridge Rd.
Portage, MI 49024
(269) 327-4131 fax