How to Get Your First Bond, Part 2

Nina Conner News

Posted by Erik Mueller, for OldRepublicSurety

In my first blog on this topic, we talked about the importance of a professional surety agent and how to find one, and the financial information you will need to prepare. Here’s more you’ll want to know:

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 bondperformance and payment bonds may be issued if you are awarded the project.

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