Small Masonry Business in VA needs Bondability

[Bond Guy]

We are a small stone masonry business located in Northern VA. On the applications that we are receiving to bid work, the questions are asked "are we bondable", "what's our bond rate" and "for how much"? Would we need a performance bond or a general contractor license bond? This would not be just on one particular job, but just to have so we can say that we're "bondable"? Could you explain this to me a little bit more? I'm stuck on the obligee information, since no one is really requiring it but us! We have been in business since 2003 and our only bond currently is for $10,000 because that's what isrequired of our license. Thanks very much!

[Surety Queen]

Originally Posted by Bond Guy

We are a small stone masonry business located in Northern VA. On the applications that we are receiving to bid work, the questions are asked "are we bondable", "what's our bond rate" and "for how much"? Would we need a performance bond or a general contractor license bond? This would not be just on one particular job, but just to have so we can say that we're "bondable"? Could you explain this to me a little bit more? I'm stuck on the obligee information, since no one is really requiring it but us! We have been in business since 2003 and our only bond currently is for $10,000 because that's what isrequired of our license. Thanks very much!

If you complete our Fast Track application for prequalification, you can determine if you are "bondable" for contract bonds. With the approval we would also provide you with the rate you would be charged for performance bonds. The basic bond line would afford you a $200,000 line of bonding. For a specific job, the Obligee is who is requiring the bond of you. If you are bidding on building a fire station for your local municipality, then that municipality is the Obligee.