Bonds Quote Forms
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We can provide you with all types of Bonding. The most popular Bonds are:
A Bid Bond is issued to the owner of the project in lieu of a required cash deposit. The cash deposit (usually 10% of the bid amount) is subject to full or partial forfeiture if the contractor is the low bidder and fails to either execute the contract or provide the required Performance &/or Payment Bonds.
In other words, the Bid Bond assures and guarantees that should the bidder offer the low bid, the bidder will execute the contract and provide the required bond.
Bid Bond Request Form.pdf
A Performance Bond is a Surety Bond issued by an insurance company to guarantee satisfactory completion or performance of a project by the Contractor. They are generally three party agreements between:
For example, a General Contractor “Principal” may be required to provide a Performance Bond in favor of a project Owner “Obligee” in order to secure a certain contract. If the Principal fails to perform their duties under the contract specifications, the Obligee may call upon the Surety to cure the problem or make payment(s) out of the Bond. These payments are for damages up to the limit of the Performance Bond.
- The Principal/Contractor - the primary person or business who will be performing a contractual obligation
- The Obligee/Owner - the party who is the recipient of the obligation
- The Surety/Insurance Company - who guarantees that the contractor's obligations will be performed
A Payment Bond is generally issued in conjunction with the Performance Bond. A Payment Bond guarantees payment to laborers, suppliers, and subcontractors in the event of contractor defaulting.
Supply Bonds are usually required by the project owner, state or federal law to secure payments to suppliers.
Motor Vehicle Dealer Bonds
Any person wishing to sell motor vehicles/vessels, that are required to be titled, is usually required to obtain a dealer license before they can offer vehicles for sale to the public. This ensures that the state knows who is selling cars and trucks and they can do a background and criminal check on someone before issuing a license. As part of this process, states also require that prospective dealers post a surety bond called a motor vehicle dealer bond.
These bonds are designed to protect the public from any inappropriate or illegal actions on behalf of the automotive dealer.
A notary public is an official appointed position by the Secretary of State's office in a given state. As with most public officials, the State requires that the individual obtain a surety or notary bond prior to receiving their appointment. This bond "makes sure" that if the official violates the public trust through negligence of their duties, funds are available to reimburse the State for its loss.
The primary responsibility of a notary public is to validate that the individual parties to a contract are who they claim to be. The State may suffer a loss if the notary fails to properly confirm the identity of the parties.
For more information click on the link to Idaho Secretary of State or Notary Public Handbook & Application form
License & Permint Bonds
License and permit bonds are a general class of surety bonds necessary for a business or an individual to get a license or permit in any city, county, or state. These bonds promise whatever the underlying statute, state law, municipal ordinance, or rule (regulation) requires.