FAQs: Letters of Bondability
Q. What is a letter of bondability?
Q. What is a letter of bondability?
A. A letter of bondability provides evidence that a contractor has a surety relationship and gives general parameters of their bonding capacity.
Q. Does a letter of bondability guarantee a contractor can get a bond for a specific job?
Q. Does a letter of bondability guarantee a contractor can get a bond for a specific job?
A. No, a letter of bondability does not offer any prequalification for a particular job or promise that the contractor would be able to get a bond for a specific project.
Q. What information is typically included in a letter of bondability?
Q. What information is typically included in a letter of bondability?
A. It may include how long the surety relationship has existed, the financial rating of the surety, and general parameters of the contractor's bonding capacity.
Q. Are letters of bondability considered confidential?
Q. Are letters of bondability considered confidential?
A. Some information in these letters may be considered confidential by sureties and not shared.
Q. What's a better alternative to a letter of bondability for prequalifying a contractor?
Q. What's a better alternative to a letter of bondability for prequalifying a contractor?
A. For specific job prequalification, it's better to request a bid bond, which involves proper underwriting of the job and contractor.
Q: What are Contract or Construction Surety Bonds?
Q: What are Contract or Construction Surety Bonds?
A: Contract or construction surety bonding is a financial guarantee that ensures contractors fulfill their contractual obligations, protecting project owners and stakeholders by providing compensation if the contractor fails to complete the project or meet specified requirements.These include Bid bonds, Performance and Payment bonds.
FAQs: I Can't Find the Bond I Need
Q: I am searching for my bond and I can't find it?
Q: I am searching for my bond and I can't find it?
A: Don't include the words "bonds" or "surety" in your search. Less words reveals more results.
Q: How do I know I am purchasing the correct bond?
Q: How do I know I am purchasing the correct bond?
A: We have a preview bond form button in the search results, under "Actions" dropdown and at the bottom of every page of each application.
Q: What if I cannot find my bond and I have a copy of the form?
Q: What if I cannot find my bond and I have a copy of the form?
A: Please email the bond form to newbond@suretybondsonline.com. We’ll find the bond form for you, map it to the system, and email you an application.
Q: What if I cannot find my bond and I don’t have a copy of the form?
Q: What if I cannot find my bond and I don’t have a copy of the form?
A: Email the request with details for the bond to newbond@suretybondsonline.com, or, at the bottom of each search screen there is a request button. Just fill out some information, we’ll find the bond form for you, map it to the system, and email you an application.