New to applying for bonds what is the cost

[jmg_group@hotmail.com]

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

[Admin]

Jorge,

Bid bond costs are minimal, a flat rate of usually $50-100 per bid, or $250 for unlimited bids annually. If you do not win the bid, the cost of the bid bond is not refunded.

The Fast Track program is too small for the bond amounts you are talking about. You will need to get set up with a full bond line.

Before doing so I recommend you speak to an agent. As a good contract bond agent can give you a good idea as to whether or not you qualify for your desired bond size rather quickly.

Give our agency a shot by calling (888) 592-6631. Our agents will not only be able to tell you if you qualify, but will be able to give you a range of what your bonding limits might be.