Consent of Surety
If you’re looking to bid on a project or tender that requires a Consent of Surety or Bid Bond, you’ve come to the right place! We provide full contract bonding services to our clients for all types of projects and contractors. Learn more below and apply for your bond online today.
Frequenty Asked Questions
What is a Consent of Surety?
A Consent of Surety (also called a Surety’s Consent or Agreement to Bond) is a document used during the bidding phase of a contract tender. It is often used in conjunction with a Bid Bond, but sometimes on its own as well. It guarantees the owner of a project being tendered that a Surety company will issue the required bonds in the event a contractor is successful on said bid (low bidder).
These guaranteed bonds are referred to as “Final Bonds” and apply directly to the project in question. The types of bonds being guaranteed commonly include Performance Bonds as well as Labour & Material Payment Bonds (eg. 50% Performance & 50% L&M).
Consents of Surety can be issued through what we call a “Bond Facility” which you can learn more about here.
Why do I need a Consent of Surety
A Consent of Surety is required by many project owners for substantial sized contracts (usually jobs greater than $50,000 in value). These can be both private as well as municipal contracts. From the owners perspective, requesting a Consent of Surety will ensure that the contractors bidding on their project are able to provide the further required bonding if they’re successful on the contract tender.
How much does a Consent of Surety cost?
The cost of a Consent of Surety will depend on the type of Bond Facility you have. So, what’s a bond facility? Think of it as an annual subscription, or long-term ability to provide the kinds of bonds you need to. The cost of the Consent of Surety document itself doesn’t cost anything; however, setting up a Bond Facility does come with some costs. Have a look through the details below with respect to Bond Facilities or apply through our online application to get things started.
Don’t worry! Applying through our online portal doesn’t cost anything, and does not hold you under any obligations once a quote has been provided. Customer service is our first priority
How do I get a Consent of Surety?
As we’ve mentioned above, the ability to provide a Consent of Surety is done through a Bond Facility (learn more below or apply online). You can apply for a Bond Facility by completing our online application. If you’d like to discuss how your business can provide a Consent of Surety or other Surety Bond, don’t hesitate to give us a call and we’ll walk you through the process.