FED GOV CON - Surety Bonds in Government Contracting
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Jennifer Schaus JSchaus@JenniferSchaus.com presents a webinar on government contracting about Surety Bonds with Joshua Etemadi. Full audio and video at http://youtu.be/G8eYJNWurfI or contact Jennifer Schaus at + 1 - 2 0 2 - 3 6 5 - 0 5 9 8
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FED GOV CON - Surety Bonds in Government Contracting
- 1. Surety Bonds Get The Facts!
- 2. Surety Bonds in Govt Contracting Get The Facts! • Agenda – Introductions – Presentation – Q & A Please send your questions
- 3. Surety Bonds in Govt Contracting Get The Facts! –Introductions: • Fed Bid Speed – B2G Software Mngt Tool • Fierce Govt – Govt IT Publication • Joshua Etemadi – Construction Bonds, Inc. • Jennifer Schaus – JS & Associates
- 4. Surety Bonds in Govt Contracting Get The Facts! • Fed Bid Speed * Software program to manage B2G Opps * Single click integration with FBO.gov * Share notes & project manage RFP’s
- 5. Surety Bonds in Govt Contracting Get The Facts! • Fierce Government * Free Govt Newsletter * Agency News / Open Gov / Data Mngt * Analysis / White Papers / Events * In-depth & Quality = Differentiator
- 6. Surety Bonds in Govt Contracting Get The Facts! Construction Bonds, Inc. Xxx Xxx Xxx Your Logo
- 7. Surety Bonds in Govt Contracting Get The Facts! • Jennifer Schaus & Associates • B2G Services and Events * GSA Schedules * Federal Sales / Marketing * Subject Matter Experts on Various B2G Components B2G Govt Contractors Networking Event - March 19 http://JenniferSchaus3.eventbrite.com
- 8. Surety Bonds in Govt Contracting Get The Facts!
- 9. Surety Bonds in Govt Contracting Get The Facts! Surety Bonds & Government Contracting What is a Surety Bond anyway?
- 10. Surety Bonds in Govt Contracting Get The Facts! Requirements & Opportunities * Required for Fed / State / Local $100k + * Larger, more profitable contracts * Only 20% contractors are bonded * Can be differentiator / endorsement
- 11. Surety Bonds in Govt Contracting Get The Facts! 3 Types of Contract Surety Bonds Bid Bond Submitted in good faith Contractor agrees to bid price Contractor submits Performance & Payment bond Performance Bond Protects owner/GC should contractor fail T/C’s Payment Bond Contractor will pay subs, laborers, material handlers
- 12. Surety Bonds in Govt Contracting Get The Facts! Getting Started – The Steps * Get A Bonding Agent * Obtain a Construction Oriented CPA * Pull Your Credit Report * Review * Make Corrections * www.FTC.gov
- 13. Surety Bonds in Govt Contracting Get The Facts! Bonding Advantages ---- The 3 “C’s” Character – Integrity, Credit, Background Capacity – Experience, History, Abilities Capital – Cash is King! #4 – Commitment - Indemnity
- 14. Surety Bonds in Govt Contracting Get The Facts! Presenting Your Case * Questionnaire, Resume, Business Plan, References * Financial Statements – Personal & Business * Work In Progress, Bank Statements * Project Documents * Bond Request * Breakdown * IFB / RFP * General Indemnity Agreement
- 15. Surety Bonds in Govt Contracting Get The Facts! If Your Case Is Not Perfect, then what? * Collateral * Funds Administration * Small Business Administration (SBA) Invisible Guarantee (90% w T-listed) New Firms, Bankruptcies, Bank LOC, etc. * Private Sureties Buyer Beware!
- 16. Surety Bonds in Govt Contracting Get The Facts! How Long Does It Take? * 1st submission to surety = 1 week * 2 - 3 days after established * 1st call to 1st bond = 5 – 6 months TIP: Don’t bid with a Cashiers Check!
- 17. Please send your questions here
- 18. Jennifer Schaus & Associates JSchaus@JenniferSchaus.com www.JenniferSchaus.com + 1 – 2 0 2 – 3 6 5 – 0 5 9 8 Josh Etemadi Construction Bonds, Inc. 7 0 3 – 9 3 4 – 1 0 0 0 www.SBAbonds.com