World Wide Bonding Agency takes pride in assisting our contractors throughout the contract bond request process. That is why we developed the following guide to contract bonding! Follow the instructions below for all your contract bond requests:
Bid Bond Requests
☞ Check the job specifications to see if there are bond requirements
☞ Request a bid bond by completing and submitting the following:
▪ Bid Bond Request Form (Fill out Section 1: General Info and Section 2: Bid Bond Request)
▪ Job Cost Breakdown Form – required for contract price of $1,000,000 and higher -Estimates are fine, fill out where the suppliers and subcontractors are on the form. If you’re subbing out work, we don’t need the name of the actual subcontractor – just the trade (Ex. electrical, plumbing, etc.) with each estimated amount
▪ We do NOT need a full copy of the Bid Specifications unless an underwriter requests it. If you would like to send us a copy of the “General Conditions” that is acceptable, but you do not need to send the full specifications book.
▪ Special Bond Forms and/or Statement of Surety Intent (if required) & specify how many originals of the bond are needed
☞ Contact Us explaining whether you won the job or not by submitting the following
▪ Submit Bid Results PDF Form – (or Submit Bid Results Online)
**ANY PROJECT THAT GOES OVER 365 DAYS (1 YEAR) IS SUBJECT TO A 1% SURCHARGE FOR EACH MONTH OVER THAT TIME PERIOD**
**CHARGES MAY APPLY FOR 2ND YEAR MAINTENANCE TERMS**
Want to know an accurate quote for your bond before your bid? Call or email our office and we can help calculate it for you!
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Performance & Payment Bond Requests
☞ If awarded the project, request a performance bond by completing and submitting the following:
▪ Performance Bond Request Form (Fill out Section 1: General Info and Section 3: Performance Bond Request)
▪ Copy of the award letter
▪ Copy of contract or purchase order
▪ Special Bond Forms (if required) & specify how many originals of the bond are needed
☞ Complete work in full – once the project is done, there are times when the obligee (owner) will request a G707 Form. This form will officially close out the job. Status inquiry and contractor’s affidavit will be needed (these forms are provided by the surety company you are placed with). Once we receive these completed forms, we will forward to the bond company for approval. If there is a contract overrun, the additional premium will be billed at that time.
**PERFORMANCE AND PAYMENT BONDS ARE AUDITABLE. WHEN THE JOB IS COMPLETED AND IF YOUR APPROVED BONDED CONTRACT PRICE INCREASES YOU ARE SUBJECT TO AN ADDITIONAL PREMIUM. IF YOUR APPROVED BONDED CONTRACT PRICE DECREASES YOU ARE SUBJECT TO A CREDIT. PLEASE NOTE EACH BONDING COMPANY HAS THEIR OWN POLICY REGARDING MINIMUMS WHEN CHARGING A/Ps AND ISSUING CREDITS.**
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Maintenance Bond Requests
☞ A maintenance bond is occasionally required after you close out the job by whoever required the bid and performance bonds; if needed, contact us for a maintenance bond so you can make any needed repairs while your bond is active. To close out a maintenance bond, a status inquiry and contractor’s affidavit will also be needed.
Bid Bond Requests
☞ Check the job specifications to see if there are bond requirements
☞ Request a bid bond by completing and submitting the following:
▪ Bid Bond Request Form (Fill out Section 1: General Info and Section 2: Bid Bond Request)
▪ Job Cost Breakdown Form – required for contract price of $1,000,000 and higher -Estimates are fine, fill out where the suppliers and subcontractors are on the form. If you’re subbing out work, we don’t need the name of the actual subcontractor – just the trade (Ex. electrical, plumbing, etc.) with each estimated amount
▪ We do NOT need a full copy of the Bid Specifications unless an underwriter requests it. If you would like to send us a copy of the “General Conditions” that is acceptable, but you do not need to send the full specifications book.
▪ Special Bond Forms and/or Statement of Surety Intent (if required) & specify how many originals of the bond are needed
☞ Contact Us explaining whether you won the job or not by submitting the following
▪ Submit Bid Results PDF Form – (or Submit Bid Results Online)
**ANY PROJECT THAT GOES OVER 365 DAYS (1 YEAR) IS SUBJECT TO A 1% SURCHARGE FOR EACH MONTH OVER THAT TIME PERIOD**
**CHARGES MAY APPLY FOR 2ND YEAR MAINTENANCE TERMS**
Want to know an accurate quote for your bond before your bid? Call or email our office and we can help calculate it for you!
_____________________________________________________________________________
Performance & Payment Bond Requests
☞ If awarded the project, request a performance bond by completing and submitting the following:
▪ Performance Bond Request Form (Fill out Section 1: General Info and Section 3: Performance Bond Request)
▪ Copy of the award letter
▪ Copy of contract or purchase order
▪ Special Bond Forms (if required) & specify how many originals of the bond are needed
☞ Complete work in full – once the project is done, there are times when the obligee (owner) will request a G707 Form. This form will officially close out the job. Status inquiry and contractor’s affidavit will be needed (these forms are provided by the surety company you are placed with). Once we receive these completed forms, we will forward to the bond company for approval. If there is a contract overrun, the additional premium will be billed at that time.
**PERFORMANCE AND PAYMENT BONDS ARE AUDITABLE. WHEN THE JOB IS COMPLETED AND IF YOUR APPROVED BONDED CONTRACT PRICE INCREASES YOU ARE SUBJECT TO AN ADDITIONAL PREMIUM. IF YOUR APPROVED BONDED CONTRACT PRICE DECREASES YOU ARE SUBJECT TO A CREDIT. PLEASE NOTE EACH BONDING COMPANY HAS THEIR OWN POLICY REGARDING MINIMUMS WHEN CHARGING A/Ps AND ISSUING CREDITS.**
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