California Performance Surety Bond | California Bid Bonds | Surety Bonds Los Angeles

323-400-6700 http://www.cisburbank.com/

What is a contract surety bond? A bond in place when you sign a contract, with a city or state, to protect the public money, or taxpayers’ money. For public works, When bidding on a job, they will ask you for your bid bond. Normally set up for 10% of the bid amount. Bid bond will roll into performance and payment bond. How to start the process? Put together an application with a bonding company to determine your bondability. This will help you determine if you qualify for the size of job. You will start small and build up in your bonding. According to your financial health and experience. Maybe you will be approved for $100,000 bond. You could break it up among more than 1 job (example 2 jobs of $50,000 each). It takes time to get your bonding set up. At least 1 week to do application and submit it to the bond company and wait for their underwriter review.

You will submit the bids to the bond company for review. Sometimes the city’s wording is not quite right. You can work through the process to meet the deadline.

I hope this helps you learn about the process of bidding on public works.

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