What could happen when you use the wrong bid bond form for a federal contract? The bid could be rejected. Ouch!
Recently, the Government Accountability Office (GAO) published a decision concerning the use of an American Institute of Architects (AIA) A310 Bid Bond instead of the government’s Standard Form SF24 for a federal contract. Upon analysis, the GAO concluded that the AIA A 310 did not “provide the full range of protections” as specified
Pacific Dredge Construction, LLC. of San Diego California had protested the rejection of its bid by the U.S. Army Corps of Engineers (USACE) as non-responsive, due to the use of the commercial bid bond form. As reported by JD SUPRA:
In making that determination, the GAO rejected the Protester’s argument that the USACE’s acceptance of the same commercial bid bond for other projects had established a course of dealing between itself and the USACE and that the offer therefore should not have been deemed nonresponsive.
Gain Control of Bidding and Bonding
Colonial Surety Company has deep knowledge of the pain points involved in bidding and bonding— and has created a game changing, full-service solution to help contractors reduce the hassles by securing—and submitting—their bid bonds digitally.
Colonial’s unique Partnership Account® arms contractors with fast, digital and direct access to the surety bonds needed to run their construction companies—and real time financial intel vital to grow their businesses.
With a Colonial Partnership Account® contractors:
- Gain control of their bidding and bonding, online and in real time.
- Utilize powers of attorney to seal and issue their own bid bonds—in minutes.
- Compete with fast, confidential bid bonds—no middleman.
- Order performance and payment bonds easily from a customized digital dashboard.
- Track bids and work on hand in real time with free management reports.
- Speak directly with Colonial’s lead underwriter as new opportunities emerge.
- Leverage data on a private Owner’s Dashboard to view surety lines, adjust work on hand, analyze bids—and grow.
With the construction industry anticipating long overdue public investment in major infrastructure projects across the country, contractors are gearing up for busy times. Whether you are new to the field or a pro, it never hurts to brush up on the fundamentals of submitting bids for federal contracts. The U.S. Small Business Administration (SBA) offers extensive guidance: How to win contracts.
Colonial Surety Company can help you too. Build your capacity to submit timely bid, performance and payment bonds with a surety line of credit. It is quick and easy to pre-qualify. After entering just a few, bare essentials about the business in Colonial’s proprietary online system, all companies that apply receive, for free, Dun & Bradstreet scores.
Contractors who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand their operation and underwrite the Partnership Account®. The entire process exemplifies Colonial’s commitment to busy contractors: simple, direct, and efficient, with value added services built right in.
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety bonds and insurance products for a wide range of industries and professions. The Partnership Account® reflects Colonial’s priority: innovating to provide value-added services to busy contractors. Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed in all 50 states, the District of Columbia and most U.S. Territories.