 New to applying for bonds what is the cost
I am in business with a residential contractor,qualified by his brother that is a general contractor, I personally have been in the construction business for 30 years, I also have a qualified contracotrs license qualified by my Daughter, she is a building inspector for Lake county Fl. I have done the legwork and qualified the business i am dealing with as a Community small business enterprise with Dade County water and sewer. I am in the process of bidding on installation of water mains and fire hydrants throughout Dade County. I am filling out an application through fasttrac and am completely lost on the process of applying for a bond. What should I expect to pay for a bid bond when the bid is aproximately 700.000.00 I have extensive experience in the field and can secure many recomendations from my last employers and contractors in the industry. The company securing the bond is only 2 years old and has about 200.000.00 worth of work done and going on.I need a bid bond to be able to post a bid. How does this work? If I dont win the bid do I loose the bid bond premium.
Jorge  |