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Bonding Assistance Program

 

About the Program
The Bonding Assistance Program is administered by the District’s Business Diversity department.  In July 2008, the District approved a consultant to assist the Business Diversity department in its efforts to help potential bidders become eligible to receive bonding.  The Bonding Assistance Program consists of technical assistance review and development, pre-assessment evaluation and the bonding application process.


Eligibility
In addition to the bonding qualifications, and the District’s program availability, the Business Diversity department will review the requirements to apply for the Bonding Assistance Program:

  1. Completion of a company profile; 
  2. Upon profile acceptance, you will be notified to have a interview with the committee;

Based on the following criteria: 

  • Length of time in business for at least 6 months
  • Successful completion of projects (what is the value)
  • Credit score of at least 600 or better
  • Financial statements 

The committee will review your file and determine your needs to assist your company to become eligible for bonding {technical assistance, pre-assessment evaluation and the bonding application}.


What is a Surety Bond?
A surety bond is a three-party instrument between a surety, the contractor and the project owner. The agreement binds the contractor to comply with the terms and conditions of a contract. If the contractor is unable to successfully perform the contract, the surety assumes the contractor's responsibilities and ensures that the project is completed.

Below are the four types of contract bonds:

  1. Bid - Bond which guarantees that the bidder on a contract will enter into the contract and furnish the required payment and performance bonds.  
  2. Payment - Bond which guarantees payment from the contractor of money to persons who furnish labor, materials, equipment and/or supplies for use in the performance of the contract.  
  3. Performance - Bond which guarantees that the contractor will perform the contract in accordance with its terms.
  4. Maintenance – Typically guarantees that the work will be free from poor workmanship and defective materials for a specified period of time that begins at the end of the construction.

Responsibility of Fees
Technical Assistance - District
Pre-assessment Evaluation - District
Bonding Application - District
*Initial/Continuous maintenance of Associated Premiums - Participant

*(District’s consultant will notify participant of actual cost at time of eligibility)  


To apply for the Bonding Assistance Program:

  1. Complete the Company Profile 
  2. Return to the Business Diversity Department via e-mail or fax to 972-860-7924.

       

Have questions? Need help? Please e-mail the Business Diversity Department at BusinessDiversity@dcccd.edu