Surety Bonds in Government Contracting

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Jennifer Schaus JSchaus@JenniferSchaus.com presents a webinar on government contracting about Surety Bonds with Joshua Etemadi. Full audio and video at http://youtu.be/G8eYJNWurfI or contact Jennifer Schaus at + 1 - 2 0 2 - 3 6 5 - 0 5 9 8

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Surety Bonds in Government Contracting

  1. 1. Surety BondsGet The Facts!
  2. 2. Surety Bonds in Govt ContractingGet The Facts!• Agenda– Introductions– Presentation– Q & A Please send your questions 
  3. 3. Surety Bonds in Govt ContractingGet The Facts!–Introductions:• Fed Bid Speed – B2G Software Mngt Tool• Fierce Govt – Govt IT Publication• Joshua Etemadi – Construction Bonds, Inc.• Jennifer Schaus – JS & Associates
  4. 4. Surety Bonds in Govt ContractingGet The Facts!• Fed Bid Speed* Software program to manage B2G Opps* Single click integration with FBO.gov* Share notes & project manage RFP’s
  5. 5. Surety Bonds in Govt ContractingGet The Facts!• Fierce Government* Free Govt Newsletter* Agency News / Open Gov / Data Mngt* Analysis / White Papers / Events* In-depth & Quality = Differentiator
  6. 6. Surety Bonds in Govt ContractingGet The Facts!Construction Bonds, Inc.XxxXxxXxxYour Logo
  7. 7. Surety Bonds in Govt ContractingGet The Facts!• Jennifer Schaus & Associates• B2G Services and Events* GSA Schedules* Federal Sales / Marketing* Subject Matter Experts on Various B2G ComponentsB2G Govt Contractors Networking Event - March 19http://JenniferSchaus3.eventbrite.com
  8. 8. Surety Bonds in Govt ContractingGet The Facts!
  9. 9. Surety Bonds in Govt ContractingGet The Facts!Surety Bonds & Government ContractingWhat is a Surety Bond anyway?
  10. 10. Surety Bonds in Govt ContractingGet The Facts!Requirements & Opportunities* Required for Fed / State / Local $100k +* Larger, more profitable contracts* Only 20% contractors are bonded* Can be differentiator / endorsement
  11. 11. Surety Bonds in Govt ContractingGet The Facts!3 Types of Contract Surety BondsBid BondSubmitted in good faithContractor agrees to bid priceContractor submits Performance & Payment bondPerformance BondProtects owner/GC should contractor fail T/C’sPayment BondContractor will pay subs, laborers, material handlers
  12. 12. Surety Bonds in Govt ContractingGet The Facts!Getting Started – The Steps* Get A Bonding Agent* Obtain a Construction Oriented CPA* Pull Your Credit Report* Review* Make Corrections* www.FTC.gov
  13. 13. Surety Bonds in Govt ContractingGet The Facts!Bonding Advantages ---- The 3 “C’s”Character – Integrity, Credit, BackgroundCapacity – Experience, History, AbilitiesCapital – Cash is King!#4 – Commitment - Indemnity
  14. 14. Surety Bonds in Govt ContractingGet The Facts!Presenting Your Case* Questionnaire, Resume, Business Plan, References* Financial Statements – Personal & Business* Work In Progress, Bank Statements* Project Documents* Bond Request* Breakdown* IFB / RFP* General Indemnity Agreement
  15. 15. Surety Bonds in Govt ContractingGet The Facts!If Your Case Is Not Perfect, then what?* Collateral* Funds Administration* Small Business Administration (SBA)Invisible Guarantee (90% w T-listed)New Firms, Bankruptcies, Bank LOC, etc.* Private SuretiesBuyer Beware!
  16. 16. Surety Bonds in Govt ContractingGet The Facts!How Long Does It Take?* 1stsubmission to surety = 1 week* 2 - 3 days after established* 1stcall to 1stbond = 5 – 6 monthsTIP: Don’t bid with a Cashiers Check!
  17. 17. Please send your questions here 
  18. 18. Jennifer Schaus & AssociatesJSchaus@JenniferSchaus.comwww.JenniferSchaus.com+ 1 – 2 0 2 – 3 6 5 – 0 5 9 8Josh EtemadiConstruction Bonds, Inc.7 0 3 – 9 3 4 – 1 0 0 0www.SBAbonds.com

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