CBIC

surety center

"UNDER 50" PROGRAM
Performance Bonds Up To $50,000

Easy Application, Minimal Paperwork and Underwriting, 24-Hour or Less Service

see a printer-friendly version of this item The UNDER 50 Performance Bond Program is aimed at start-up operations and small contractors who are infrequent users of surety credit. This streamlined program requires little paperwork on the part of the contractor and the underwriting criteria is primarily based on the personal credit history of the owner(s) of the construction business. No high cost CPA prepared statements are necessary. Upon receipt of a completed application, we obtain the necessary credit report. If the applicant meets our credit score criteria and the bonded obligation involves no unusual construction for the contractor or unusual or increased risk to the contractor or surety, we can issue the bond within 24 hours of receipt of the application and properly completed indemnity agreement. An acceptable credit score is simply reflective of good personal payment habits and reasonable debt loads.

Please Provide The Following Upon Submission:

A SIMPLE ONE PAGE UNDER 50 APPLICATION (See Documents in the Download Center)
INCLUDE A COPY OF THE BOND FORM IF NOT AN AIA, FEDERAL, PUBLIC WORKS OR CBIC FORM.
PROVIDE A COPY OF THE CONTRACT IF THIS IS A SUBCONTRACT OR PRIVATE WORKS CONTRACT.
MAKE SURE THE PRINCIPAL AND ALL OWNERS AND SPOUSES SIGN THE SHORT GENERAL INDEMNITY AGREEMENT (See Documents in the Download Center)

PREMIUM RATES AND FEES

CBIC offers competitive rates for all contract surety programs. Contact your local CBIC Contract Bond Specialist for details.