What Is on the Checklist
The Contractor Bonding Checklist covers the following categories.
Company Financial Statements. CPA-prepared balance sheet, income statement, and cash flow statement. The checklist specifies which level of CPA assurance (compiled, reviewed, or audited) is typically required based on program size. It also covers the timing expectation: year-end financials should be submitted within 90 to 120 days of your fiscal year end.
Personal Financial Statements. Every owner with 10% or more equity in the company will need to provide a personal financial statement listing all assets and liabilities. The checklist walks through what to include and how current it should be.
Work-in-Progress Schedule. The checklist covers what belongs on your WIP: project name, contract amount, costs to date, billings to date, estimated cost to complete, and percentage of completion for every active project.
Completed Project List. A record of significant projects you have completed, including project name, owner, contract value, type of work, and completion date. The checklist explains what sureties are looking for in your track record.
Bank References. A bank reference letter with account history, credit facility details, and characterization of your account standing. The checklist specifies what the letter should include for maximum impact with the surety.
Company and Organizational Documents. Articles of incorporation or organization, operating agreements, ownership percentages, business licenses, and any documentation of ownership changes or entity restructuring.
Credit Authorization. The surety will pull credit reports on the business and on all individual indemnitors. The checklist includes the authorization forms and explains what to expect.
Project-Specific Information. For bonds on specific projects, the checklist covers the additional documents the surety may request: contract documents, bid details, cost estimates, and project schedules.
