A surety bond is a three-party guarantee: the surety promises the obligee (a city, a project owner, a court) that you, the principal, will perform. It is not insurance for you — it is a credit instrument — and getting approved depends on how the risk is presented.
We handle everything from a $10,000 license bond issued the same day to multi-million-dollar performance and payment bonds that require financial statements. We also help contractors build bonding capacity over time.
What bonds can include
- Bid bondsGuarantee that a contractor will enter into the contract if awarded the job.
- Performance bondsGuarantee that the work will be completed according to the contract.
- Payment bondsGuarantee that subcontractors and suppliers will be paid.
- License & permit bondsRequired by Illinois municipalities and state agencies for contractors, auto dealers, and many licensed trades.
- Commercial bondsFidelity, ERISA, notary, lost instrument and other miscellaneous bonds.
- Court & fiduciary bondsProbate, guardianship, appeal and injunction bonds.
Who this is for
- General contractors and subcontractors bidding public or private work
- Contractors who need a city or county license bond
- Auto dealers, freight brokers and licensed businesses
- Executors, guardians and litigants who need a court bond
- Businesses that need employee dishonesty or ERISA bonds
Common questions
How fast can I get a license bond?
Most license and permit bonds are issued the same day with a simple application.
What does a performance bond cost?
Typically a small percentage of the contract value, based on the contractor’s financial strength, experience and credit.
What is needed for contract bonding?
For larger bonds, business and personal financial statements, a work-in-progress schedule and references. We walk you through the package and present it to the surety.
Can I get bonded with less-than-perfect credit?
Often yes. We have surety markets for credit-challenged applicants, sometimes at a higher rate or with collateral.