FAST TRACK PROGRAM
(for contracts under $200,000)
The Fast Track Program is a specialty bond program designed for contractors who either need bonds infrequently or need very small bonds. This program is preferred by many contractors because of its speed, ease and simplicity.
As for requirements, there is just a two-page application that needs to be completed and returned to us. In the Fast Track Program, the surety relies heavily on the personal credit of the owner(s). Once the surety receives the application, they run a credit report on the owner(s) of the business and either approve or decline the bond request. We usually have an answer for the contractor within 24 hours.
While this program is great for some contractors, it does not work for everyone. As stated above, this is designed for very small contracts. This program will not support any single contract over $200,000.
In addition, while there is no limit to the number of bonds a contractor can have at one time, the total amount of outstanding bond liability cannot exceed $200,000.
Please note that there is a $100 annual charge for bid bonds approved through the Fast Track Program. The premium for performance/payment bonds is usually 3% of the contract price.
Fast Track Program Application
Credit Check Authorization Form