Building Stronger Bonds™

Frequently Asked Questions

Below is a list of FAQs where you will find most answers to your questions. If you need additional information, contact us at 847-301-4255, or at info@bondingservicescorp.com.

General Questions

Why should I choose to work with Bonding Services Corp.?

We are committed to offer unsurpassed, reliable service.

Our vast knowledge, coupled with the support of our diverse Surety Market Network and our Strategic Partners, helps us structure your financial presentation and your lending base to maximize growth potential under your construction bond program.

How do I start the process and how do I know what type of bond is right for me?

Determine if you need a Contract Bond or a Commercial Bond by reviewing the descriptions of these two Surety Bond categories below:

A Contract Bond (Bid Bond/Performance & Payment Bond) is issued in support of project you wish to pursue, or that you’ve already acquired with the Obligee. The Obligee is the entity that has, or will, retain your services for completion of the project under a specific Contract or Purchase Order. Continue to the Contract Bond Page to begin this process. If this description doesn’t explain your events, continue to the Commercial Bond Page to begin the process. Review the descriptions of the most frequently requested Commercial Surety Bonds to determine the type of Bond you need.

If you remain unsure, contact us at 847-301-4255, or at info@bondingservicescorp.com, for information.

Is there a fee I have to pay in order to be set up with a Contract Bond Program?
You will not pay any fees to obtain a bond program. Bonding Services Corp. will locate a bonding program with the most capacity, and lowest rate available, without any fee. In the majority of cases, you will not pay any fees for bid bonds. Fees are typically only charged for Performance & Payment Bonds. This fee is disclosed at set up of your account. All quotes are provided to you in writing.
Does Bonding Services Charge any other fees, such as Service Fees, for Contract Surety?
Some agents may add service fees to the premium a surety may charge you for P&P Bonds. Bonding Services Corp. does not add service fees to your bond costs for Contract Bonds. We strive to locate the lowest rate and pass this along to you. We consider our role to be that of your long term partner and recognize that the lower our fees, the more competitive you may be with your bidding opportunities.
What is my premium rate for P&P bonds?
Your premium rate is based on the underwriting information provided by you. If you require a general rate range, please contact us and we can provide you with a general indication of what you will pay.
How long does it take to locate a bond program?
From date of receipt of the underwriting information required, surety typically replies to your request for a bond program within 24 hours.
How fast can Bonding Services Corp. turn around a Contract Bond?
Your bonds are typically issued the same day that your bond request is received.
Can Bonding Services Corp. support me for growth under my bond program?
Our vast knowledge, coupled with the support of our strategic partners, helps us structure your financial presentation, and your lending base, to maximize growth potential under your bond program.
Does Bonding Services Corp. work with A rated surety carriers and carriers accepted on the Federal Circular?
Yes. Bonding Services Corp. works with A rated carriers that appear on the Federal Circular.

FAQ's for Commercial Bonds

If you require a Commerical Bond, please ask the entity requiring the bond for a copy of the bond form. If they don’t have a bond form, refer to Commerical Bonds for more information and contact Annette with questions.

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BONDING SERVICES CORP.

Building Stronger Bonds™
Founded in 2004
1320 Tower Road, Suite 166 Schaumburg, IL 60173 | 847-301-4255 (phone) | 847-301-4256 (fax) | 888-570-8900 (toll-free) | info@bondingservicescorp.com