By Erik Mueller for Old Republic Surety
Start the process early
To ensure timely approval, begin the submission process well before the date you need the bond. A good rule of thumb is to allow 30 days for the process to be completed; if you can start earlier, so much the better. Allowing at least 30 days provides the underwriter with adequate time to review the information provided, ask follow-up questions and conduct a meeting with you and your agent.
Once you’ve been approved for a bid bond, performance and payment bonds may be issued if you are awarded the project.