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Project owners, who are also known as obligees, require contractors to post a bid security bond as part of the terms to the Invitation to Bid (ITB) or the Request for Proposal (RFP). Obligees can be any type of governmental entity - at the federal, state, or local level or they can be a private entity - such as an association, a general contractor, a public or private company, enterprise, or individual.
In many cases, the Obligee will provide the bond form in the bid package. It is very important to review this document because not all surety bond forms are the same. The ProSure group recommends, if possible, to use an AIA A310-2010 Bid Bond. The American Institute of Architects (AIA) collaborated with members from various groups including contractors, attorneys, surety bond producers, engineers, and insurance agents to provide this bid bond form as an industry standard, representing fair and balanced interests for all users.
Due to the nature of the surety relationship, Bond applicants must be willing to be transparent and willing to submit private information when applying for a bid bond, especially for large projects. Depending on the bonded obligation, this information may be required:
Depending on your bond needs, We have many programs available to assist. Some of these are for infrequent and/or smaller needs, such as our Express Programs. While others may be looking for a full surety bond program established for current and future needs. Of course, there are always instances that fall in between these two extremes where we can help.
Here’s a typical comprehensive list of items used in order to fully establish a surety relationship.