Bond Services

Bid Bonds

A bid bond is a written statement which guarantees the obligee that the principal will offer his bid, as awarded in the contract. This written statement ensures that the contractor has been entered in the contract. This obligation gives the financial guarantee of the bidder who has signed the contract, if he is successful in his bid. This bid bond is otherwise called as performance bond. When the bidder has been successful in his bid then bonding company will enter into contract like performance bond, supply bond, payment bond. This bond is required when the contractor accept the lowest bid of the project. If the supplier refuses to finish the project, this bid bond assures the developer to pay the variation between the lowest bid and the next lowest bid. It encourages the contractor to accept the bid seriously and make the obligation to be successful. Both the principal and the surety are sued in the court of law, for their failure of contract. To the obligee, they have to pay the additional expenses incurred by the contract for breaking of contract. The amount of penalty will be ten to twenty percent of the transaction.

Applying bid bond

All Fields Are Required if not actable please just type N/A   BOND REQUIRED Type of Bond   Select Type of Bond Surety Bond Mortgage Broker Bond Motor Vehicle Dealer Bond ICC Broker Bond Sales Tax Bond Utility Bond Contract Licence Bond Bond Amount   Obligee (Who I Requiring the Bond)   Obligee Address Street   City   State   Zip Code   Bond Effective Date   Bond Expiration Date   BUSINESS INFORMATION Name as to appear on Surety Bond   Address Street   City   County   State   Zip Code   Business Phone Number   Business Fax Number   Business E-mail   Federal I.D. #   License# (If Applicable)   Business what kind of business is it?   Business (How is it structured) Are you a   Sole proprietor    Partnership    Corporation    LLC    Business Start Date   List any other related, affiliated subsidiary entities or other dba of applicant.   If any owners have other equity, interest please describe.   HAS APPLICANT EVER: CLICK YES or NO A. Have you had an application for a bond declined?   Yes    No    B. Have you been compromised with creditors? Have you defaulted on a contract?   Yes    No    C. Have you defaulted on a contract forcing a Surety to suffer a loss?   Yes    No    D. Have you experienced a bankruptcy?   Yes    No    E. Have you been in receivership or had a lien placed on you or your business such as Tax etc... (If yes to any of the above, attach a full explanation.)   Yes    No    OWNERSHIP INFORMATION Owners First Name   Owners Last Name   Owners Social Security Number   Owners Home address   City   County   State   Zip Code   Owners Date of Birth   Ownership Percentage of company   Business (Years Owned)?   Related Experience   Telephone Number   Fax Number   E-Mail   Spouse's Name   Spouses Social Security Number   Spouse's Date of Birth   Personal Financial Information All Owners with a 10% interest or more must complete the following: Owner's Name   Statement as of   ASSETS Cash on hand Checking Account Savings Accounts IRA or Retirement Acct. Accounts & Notes Receivable Life Insurance - Cash Surrender Value Only Stocks and Bonds Real Estate (complete section below) Automobile - Present Value Other Personal Property Other Assets Total Assets LIABILITIES     Accounts Payable Notes Payable to Banks and Others Installment Account (Auto) Installment Account (Other) Loan on Life Insurance Unpaid Taxes Mortgages On Real Estate Other Liabilities Total Liabilities Net Worth (Assets less Liabilities) Total Net Worth & Liabilities ACKNOWLEDGEMENT I Acknowledge and Authorize Integrity Bonds to pull my credit report Yes    No    Digital Signature (must type in your name)