9375 Burt St., Suite 100 Omaha, NE 68114 402.397.1040 735 S. 56th St. Lincoln, NE 68510 402.475.7700 CONTRACTOR QUESTIONNAIRE Company Information Complete.

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How to fill out the NE Gene Lilly Surety Bonds Contractor Questionnaire Form online

Filling out the NE Gene Lilly Surety Bonds Contractor Questionnaire Form online can streamline the process of obtaining a surety bond for contractors. This guide offers detailed, step-by-step instructions to ensure you complete the form accurately and efficiently.

Follow the steps to fill out the questionnaire with ease.

  1. Click ‘Get Form’ button to access the questionnaire and open it in your preferred editing software.
  2. Begin with the 'Company Information' section. Enter the complete name of your entity, tax identification number, and the company's address. Don't forget to include phone and fax numbers, as well as your website.
  3. Provide the contact person's name, title, the year your business started, and your contracting specialty. Indicate your fiscal year-end and type of organization, then state the total number of employees.
  4. Under 'Percentage of company’s work for', indicate the percentage for government and private owners, as applicable.
  5. List any trades you subcontract. Make sure to add the area of operation and the number of work crews you manage.
  6. In ownership information, provide the names, positions, birth dates, percentage owned, social security numbers, and home addresses for individuals owning 10% or greater.
  7. For the 'Largest Completed Projects' section, fill in the project name, contract price, year completed, owner contact name, phone number, and whether it was bonded.
  8. Next, provide financial information including primary bank name, CPA firm details, line of credit amount, current balance, and whether you have an accountant on staff.
  9. Fill in references, including supplier companies, contacts, engineers/architects, job names, and contractor/sub-contractor details.
  10. In the 'Current Surety Company' section, note the surety company and agency, along with reasons for leaving previous sureties if applicable.
  11. Indicate if your firm or its principals have filed for bankruptcy or are involved in litigation by checking 'yes' or 'no' and providing explanations if necessary.
  12. Finally, sign and print your name, date the form, and state your title before saving, downloading, or printing the completed form.

Complete your NE Gene Lilly Surety Bonds Contractor Questionnaire Form online today!

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Questions & Answers

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How does a bid bond work?

The bid bond guarantees the developer that if the principle is awarded the job, he or she will fulfill the terms of the contract including obtaining any other bond requirements such as a performance bond and a payment bond.

The amount depends on the bid packet. It varies from 5-15 percent of the bid price. It means if the contractor fails to fulfill the bid term, the project owner can claim this much amount from the surety provider. The contractor can take cover for all bid bonds required in a year.

Protections: Bid bonds and payment bonds are both obtained by a project contractor, but protect different groups. Bid bonds provide legal and financial protection for project owners against changing terms, while payment bonds provide financial protection to the workers and suppliers on a project.

There are three parties to a bid bond: the principal, the obligee, and the surety. The principal is the contractor purchasing the bond, while the obligee is the project owner or GC protected by the bond. The surety company is the company providing the bid bond.

The bid percentage (usually five or ten percent 5, 10%) is forfeited if you don't accept the job. The Bid Bond prequalifies the principal and provides the necessary security to the owner or general contractor, or “obligee,” guaranteeing that the principal will enter into the contract, if it is awarded.

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