Punch List for Contract Bonds

Punch List for Contract Bonds

Submission of proper information will help speed up your contract bond needs.

This list is for more established contractors looking to set up a standard bonding program. If you are a smaller or newer contractor, our Fastbond product could be a good start for you.

Following are basic lists of important documents you will need to submit to your independent agent.

For New Accounts
  • Contractor's history form
  • Prior three years fiscal financial statements for the business
  • Concurrently dated personal financial statements of the owner(s)
  • Accounts receivable and accounts payable list for the latest fiscal financial statement (if the statement is not audited)
  • Detail of liability insurance carried by the contractor
  • Cover letter and/or narrative on the contractor's history, needs, goals, etc.
  • Bank letter showing line of credit, experience, average balances, etc.
For Established Accounts
  • Each year, in a timely manner, send in the new fiscal financial statement of the contractor and a new personal financial statement of the owner(s)
  • A new bank letter of credit
  • Advise of any changes in the contractor's operations, plans for the coming year, anticipated bids, etc.
For Established Accounts Submitting a Bond Request
  • Bid amount and engineer's estimate
  • Bid date
  • Project description
  • Obligee
  • Start date
  • Completion date
  • Penalty for late completion
  • Current work on hand (bonded and unbonded)
  • Any extraordinary items
  • Verification of funding (if a private contract)
  • Payment terms
  • Percentage subbed
  • Other bids (if request is for a final bid)
  • Copy of the contract (if request is for a final bid)

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Resources

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FAQ: Contract Bonds

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I would like to express my appreciation to Wayne Messick, Joy Wichard, and the Old Republic Surety team. They have demonstrated a willingness to work through underwriting difficulties, and serve as a reminder that an open mind can overcome many challenges. I appreciate their professionalism, as well as the fact they put our clients at ease. I highly recommend Old Republic Surety Company.
David Hutto
Owner
Bonds Unlimited / Birmingham, AL

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