What are some of the prequalifications for getting surety bonds?
Before issuing a bond, the surety must be fully satisfied that the contractor is of good character, has the experience required to undertake the project and has or can obtain the equipment necessary to perform the work. The surety also wants to make sure the contractor has the financial strength to support the desired work program, and has a history of paying subcontractors and suppliers promptly. It will want to see that the contractor is in good standing with a bank and has established a line of credit.
