A surety bond is a three-party agreement used by the construction industry to guarantee the performance of obligations under a contract. Surety bonds offer assurance that the contractor is capable of completing the contract on time, within budget and according to specifications.
Since the 1800’s the US Government has required contractors on federal public works contracts to obtain surety bonds to guarantee they will perform and pay subcontracts and suppliers.
Three important areas an underwriter looks at in prequalification are:
CAPITAL
CAPACITY
When completing your application, please keep this in mind. You may want to read the informational brochures under the Resources section of this website for more detailed information.
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If you need assistance prior to completing the necessary information, please contact us at (714) 674-1921 or email us by clicking here.
Bonds under $250,000
Application
Personal Financials on all owners
Copy of the underlying contract / Bid specifications
Verification of liquid assets
of both the company and the individuals
Bonds $250,000 & over
Contractor Questionnaire – Application
Bond Request Form
Job Cost Breakdown
Work-On-Hand Schedule
Personal Resume
Current Personal Financial Statements for each owner over 10%
Copy of Contract
Bank Letter (click for a sample)
Last three year-end CPA prepared financial statements
of entity requiring bond and significant affiliates or related companies.
Year end financial and most current financial statements
of entity requiring bond and significant affiliates or related companies. CPA prepared statements preferred but not required.
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