The Following Is A Checklist Of The Information Necessary To Help You Set Up A Bond Line:
Copies of the last three fiscal year-end corporate financial statements, including work in progress & completed contract schedules
Current interim corporate financial statement, and work in progress report (if fiscal statement is over six months old with an aging of accounts receivables)
Current personal financial statement for all indemnitors and/or owners
Bank Line of Credit Agreement, and current balance
Most Recent Federal and Personal tax returns
Specimen Copy of Subcontract agreement
Certificate(s) of Insurance (for all lines carried)
Resumes of Owners/Key employees
Brochure and/or Letters of Recommendation about the accomplishments of your company
Article of Incorporation (Corp) or Certificate of Formation (LLC)
On An Ongoing Basis, We Will Engage With You To Do The Following:
A complete and comprehensive Financial Trend Analysis of your financial results. This involves the review and analysis of your past three to five years of financial statements. The analysis will be similar to that of the Surety Company and will allow us to see how they are looking at your financial condition and trends, so that we can anticipate concerns and proactively address issues to negotiate the most favorable terms for you.
Review work in progress schedules regularly to monitor project performance and identify profit fades, profit improvements, under billings and gross profit in your backlog.
Initial and annual narratives to the surety on your organization, operations, performance, surety needs, and business goals.
Arrange periodic meetings with you and your surety to maintain a positive relationship, and address results and needs.
Review any unusual bond forms, contract terms and conditions, and advise management of possible onerous terms and conditions that may present potential concerns for the surety.
When appropriate and with your permission, secure and maintain a strong back-up surety relationship for your growing needs.
Maintain a strong in-house/agency line of credit to provide the most efficient handling of your routine bonding needs.
Assist in business planning in order to meet surety needs.
Provide advice on your company’s capitalization requirements, and key financial ratios that are conductive to meeting your business goals while maintaining and growing your surety capacity and relationship.