Platinum Bonds Insurance Agency
Research before you apply.A bid bond guarantees that if your construction bid is accepted, you'll enter into the contract and provide the required performance and payment bonds. In Ohio, public works projects over $50,000 require a bid guaranty equal to the full bid amount (bond) or 10% (cash/check). This protects project owners from contracto…
A bid bond guarantees that if your construction bid is accepted, you'll enter into the contract and provide the required performance and payment bonds. In Ohio, public works projects over $50,000 require a bid guaranty equal to the full bid amount (bond) or 10% (cash/check). This protects project owners from contracto…
Contractors bidding on Ohio public works construction projects exceeding $50,000, including construction, demolition, alteration, repair, or reconstruction of public improvements for state agencies, political subdivisions, districts, or institutions. Also commonly required for private construction projects at the owner's discretion.
Bid bonds guarantee that a contractor will honor their bid and enter into the contract if awarded. Typical Pricing:. • Small contracts: Commonly around 1–5% of the bid amount. • Larger contracts: Rates generally scale lower as contract size increases. • Bid bonds: Often provided at no additional cost when paired with performance and payment bonds. • Full underwriting required: Credit, financials, experience, and bonding history reviewed. Bid bonds are typically requ…
Contract underwriting required — typically 3–5 business days
For Ohio public works construction projects exceeding $50,000, you must provide a bid guaranty in one of these forms: (1) a bid bond for the full amount of your bid, or (2) a certified check, cashier's check, or letter of credit equal to 10% of your bid amount. Highway projects under ORC 5525.16 require 5% of the bid (maximum $50,000) via check or EFT, or a 10% bid bond. Private projects vary by owner requirements, typically 5-10% of the bid amount.
If you're awarded an Ohio public works contract but fail to enter into the contract or provide the required performance and payment bonds (except as authorized by ORC 9.31 or 153.54(G)), your bid bond is forfeited. The project owner can award the contract to the next lowest bidder and claim against your bond for the cost difference or a penalty up to 10% of the bond amount, whichever is less. This ensures project owners are protected from bid withdrawal.
Contractors bidding on Ohio public works projects exceeding $50,000 must provide a bid guaranty under ORC 153.54. This includes any construction, demolition, alteration, repair, or reconstruction work for state agencies, political subdivisions, districts, or institutions. Private construction projects may also require bid bonds at the project owner's discretion. County commissioners may exempt projects of $100,000 or less from bond requirements by unanimous vote.
Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.