| The difficult economic conditions are bringing greater | | | | experience and success in completing projects. |
| pressures to bear on companies seeking surety | | | | 3. Prepare an accurate financial presentation. How |
| bonds. | | | | detailed the presentation should be will depend on the |
| On the one hand, many private development | | | | size of the project. For projects over $1 million, you'll |
| contractors need surety bonds for the first time as | | | | need a financial statement reviewed by a CPA. |
| they pursue public sector projects as an alternative | | | | Certain larger projects will require an actual audit. |
| revenue source. At the same time, bonding | | | | 4. Also have a personal financial statement ready to |
| companies have become much more selective in | | | | present. |
| deciding whom to bond. | | | | 5. Professional references are a must. |
| Here are a few basic tips to help improve your | | | | 6. Have your bank information in good order and |
| chances of landing the surety bond you need for | | | | ready to hand over. |
| your next project: | | | | 7. Be prepared to start small. You may need to |
| | | | demonstrate your ability to handle smaller projects |
| 1. Make sure to work with a surety professional with | | | | well before receiving a bond for a larger project. |
| broad experience in providing bonds. Your insurance | | | | In some cases, a smaller project, worth less than |
| agent is good at providing insurance for your | | | | $500,000, may require just a simple one-page |
| company, but only a surety professional has the | | | | application and the submission of your credit score. |
| detailed experience and inside knowledge that the | | | | Contact your surety professional for detailed advice |
| surety bond market requires. | | | | on exactly what information you will need to provide |
| 2. Be able to document and clearly show your | | | | for your first surety bond. |