Bid & Performance Bonds
What is the process needed to apply for a Bid & Performance bond?
Upon contacting us, an application will be sent, which will give the necessary information for the underwriter to know who you are and where you are coming from. It is impossible to give too much information regarding a contractor. Everything the contractor does should be given to the company. His ability as an estimator can be determined by sending the company the list of bids submitted on all bids. Newspaper accounts of work, pictures are always helpful.
The following outline should be followed in the submission of the first contract bond, or with the first filing of the financial statement:
How is the contractor fitted for his business:
1 How old is he?
2 How long has he been in business?
3 What kind of work has he specialized in?
4 List the three largest contracts he has completed since he has
been in business for himself.
5 Is he a careful estimator?
A) Does he do his own estimating, or does he have an estimator?
If so, give the estimator’s experience.
B) Who checks these estiates?
6 Does he keep careful accounts, does he keep his own books, does
his wife do it, or does he have an experenced bookkeeper?
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