For contractors
What to have ready before you ask for a bond
Bring documents that explain your company, current workload, and proposed job consistently. Start with the actual bond requirement and deadline, then identify which financial and operating records are available or missing. The checklist below organizes that first conversation and provides an ungated PDF to track the file.
Start with the job and the deadline
Tell the agent whether you need a bid bond now or performance and payment bonds after award. A bid bond supports your commitment to enter the contract; performance and payment bonds address contract performance and covered payments to subcontractors and suppliers. Forward the owner's actual request so the agent sees the forms and delivery requirements.
Identify the bid opening, expected award, proposed start, and required completion dates. Say when the owner needs the original bond and whether electronic submission is accepted. Ask which missing item prevents the surety from reviewing the request, then prioritize that item instead of preparing unrelated paperwork.
Download the PDF checklist below and mark each item available, requested, or outstanding. Use the agency's secure delivery process for financial statements, identity records, signatures, and credit authorizations. An email inquiry needs only a brief description of the company and job.
Company records: show who is asking
Gather the legal entity name, formation documents, ownership percentages, business address, and authorized signers. Match the applicant to the entity taking the contract. Explain recent ownership changes, a conversion from sole proprietorship, or movement of work between related companies.
Describe the trade, geographic area, years operating this business, and your relevant experience before starting it. Separate your own responsibilities on a previous employer's jobs from the new company's completed work. Include licenses required for the proposed job and identify the person responsible for maintaining them.
Prepare an ownership chart when another company owns part of the applicant or the same owners operate several businesses. List the relationships plainly and flag recent changes. That helps the agent identify the information and signatures needed before the file reaches final review.
Financial records: make the dates match
Bring the latest year-end financial statement with its CPA report, which identifies whether the statements were compiled, reviewed, or audited. If only internal books are available, say so at the start. Ask what level the proposed surety requires before commissioning a new engagement.
Add an interim balance sheet and income statement for the same reporting period. The balance sheet shows assets and liabilities at a date; the income statement shows revenue and expenses over a period. Explain material changes after the reporting date in the cover note.
Include receivables aging, which groups customer amounts by age, and payables aging, which does the same for amounts owed. Identify disputed balances, known collection problems, and important payments made after the report date. Reconcile the totals with the corresponding balance-sheet accounts.
Prepare a work-in-progress schedule, or WIP, listing every open job's contract value, estimated total cost, cost incurred, and billings to date. Include unbonded jobs because they use the same people and cash. Reconcile the schedule to the financial statements and explain changes in estimated profit.
Provide a bank reference or line-of-credit letter with the authorized amount, outstanding balance, availability, and expiration. Include borrowing restrictions and collateral requirements. Supply the actual facility details and bank contact rather than an informal estimate of available credit.
Personal information: arrange a secure handoff
For owner financial statements and credit authorizations, ask whose information is required, which forms to use, and how to deliver them. A personal statement lists assets, debts, and contingent obligations, including guarantees for other businesses. It shows the resources and commitments of the people supporting the company.
Give a factual explanation of credit problems and attach relevant supporting records through the secure process. Identify whether an item is disputed, resolved, or still owed. This context helps the underwriter evaluate the record without having to reconstruct the history from separate reports.
Experience: make completed work easy to verify
List the largest relevant completed jobs, your role, contract amount, completion date, and a reference familiar with the work. Distinguish prime contracts from subcontracts. Explain differences between that experience and the proposed job, including trade, delivery method, location, and complexity.
Include short resumes for key estimators, project managers, and field supervisors. Identify owned and rented equipment and the people already committed to other projects. Give references from owners and suppliers who know the company's performance and payment history, and tell them to expect a call.
Use final figures where available. Explain major changes between original and final contract amounts, delays, and unresolved closeout items. A completed-job list is most useful when the agent understands how each project finished and where to verify it.
Job documents: send the actual obligation
Gather the invitation to bid, proposed or signed contract, scope, schedule, relevant specifications, and required bond form. Include payment terms, retainage, warranty requirements, important amendments, and liquidated damages: agreed charges for specified failures such as late completion. Retainage is payment withheld until defined contract conditions are met.
Explain the price and how the estimate was developed. Identify major subcontractors, suppliers, long-lead materials, unusual site conditions, and work outside normal capabilities. Label draft documents clearly and send the final version when negotiations finish.
Keep amendments with the document they change. A revised schedule or bond form belongs in the submission even if the contract price stays the same. Tell the agent which decisions remain open and who is responsible for resolving them before the bond is issued.
Problems and previous bonding: put the facts on one page
Disclose relevant litigation, liens, unresolved disputes, prior bond claims, and previous bonding arrangements. State what happened, what remains open, and which documents establish the current status. Distinguish allegations from decisions and identify the people handling unresolved matters.
If another agent or surety is reviewing this job, explain the scope and status of that request before authorizing further submissions. Agree on who is approaching which market. A coordinated submission keeps the same account history and job information in front of each reviewer.
A practical document tracker
| Group | What to gather | Why it helps |
|---|---|---|
| Company | Entity records, ownership, licenses and experience | Identifies the applicant and decision-makers |
| Financial | Year-end and interim statements, WIP and aging reports | Explains resources and unfinished obligations |
| Bank | Reference and credit-facility details | Shows financing and its limits |
| Personal | Requested owner statements and credit authorization | Supports individual underwriting review |
| Experience | Completed jobs, references and key-person resumes | Makes execution history checkable |
| The job | Contract, scope, schedule, instructions and bond form | Defines the requested guarantee |
| Other | Disputes, liens, claims and prior bonding | Prevents material surprises |
Turn the file into a useful conversation
Name files clearly and include a cover note identifying the bond, deadline, business background, and unanswered questions. List outstanding items with the person responsible and expected delivery date. Ask which items are needed for initial screening and which belong in the complete underwriting submission.
For the reasons behind these requests, read what a surety underwriter actually looks at. To request an agency introduction, use the contractor contact link. Save the detailed financial file for the agency's secure process.
Common questions
- Do I need all of this for a small bond?
- Some programs use a shorter application and personal credit review. Start with the contract amount, trade, deadline, and bond form, then ask which documents that program requires.
- How old can my financial statement be?
- Ask for the surety's required reporting date. Bring the latest year-end statement and current interim records, and explain material changes after those dates.
- What if I've never had a CPA statement?
- Say so at the first conversation. The agent will identify whether internal records support the initial review or a CPA engagement is needed, including the requested assurance level.
Keep reading
Sources
Want to be pointed to an agent? Email getbonded@evenpenny.com.