Audience: Procurement professionals interested in learning more about bid and performance bonds should attend this introductory-level training to bonding. What is a bond? When is a bond required? What parties are involved? How are bonds different from insurance?
Objective:
1. Provide purchasing professionals with the understanding of bond requirements
2. Understand when bonds are needed and how they relate to projects
3. Understand the difference between a surety company and insurance
4. Learn about available resources for contractors looking for bond assistance
Information on the Statewide Bond Assistance Program (SBAP)
- The Statewide Bond Assistance Program (SBAP) provides technical and financial assistance to help historically underutilized businesses, that are small businesses, understand the surety bond process, secure surety bonding, and increase contracting with the State of Colorado. SBAP partners with a bond administrator to provide surety bonds and offset all or part of the cost of obtaining a surety bond. Applicants may come from a variety of situations. Including:
- Sole proprietor with or without employees who wants to bid on contracts that require bonds.
- Businesses interested in public works contracts.
- Subcontractor who wants to become a general contractor.
- Contractor who wants to grow the business by bidding on projects that require surety bonds.
The program guarantees $50,000 - $1,500,000 on payment and performance bonds for state contracts. Being eligible for this program does not automatically ensure bonding. Approval is based on both successful underwriting by a surety company and Statewide Equity Office review.
After registration, you will receive a link for this virtual event. If you do not receive the link, please contact Trudi at pastpresident@rmgpa.org.