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Bonding capacity is the maximum amount of surety credit a surety company will provide to a contractor. It is generally expressed in terms of the largest single project the surety would be willing to issue and the maximum amount of contract backlog a contractor can hold.
Surety bond companies review several factors before giving a contractor bonding capacity. These factors include but are not limited to the company's financial strength and available credit, banking history, credit scores, project references, current work and the financial strength of close competitors.
Bonds are issued by governments and corporations when they want to raise money. By buying a bond, you're giving the issuer a loan, and they agree to pay you back the face value of the loan on a specific date, and to pay you periodic interest payments along the way, usually twice a year.
A simple money bond must contain the following: Name of the lender and the borrower. Address of the lender and the borrower. The amount being lent/borrowed. The purpose for which the amount is being borrowed. The time period for which the amount is being lent. The interest to be levied on the amount.
A statement of bonding ability is simply an acknowledgement from a surety company that the applicant will be approved for a surety bond up to the required bond amount.
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Pre-qualification "Sunshine" Letter A Pre-qualification \u201cSunshine\u201d Letter is a letter, sent from a surety company to the owner, that confirms that the contractor has an established relationship with its surety company.
Examples of bonds include treasuries (the safest bonds, but with a low interest - they are usually sold at auction), treasury bills, treasury notes, savings bonds, agency bonds, municipal bonds, and corporate bonds (which can be among the most risky, depending on the company).
A statement of bonding ability is simply an acknowledgement from a surety company that the applicant will be approved for a surety bond up to the required bond amount.
The bondability letter provides the owner with an assurance that the contractor has been underwritten and approved by a surety company for support of a specific project. The bondability letter is issued for no cost (it is regarded as a standard service provided by the bond agent).
Ideally, surety bond companies will look for credit scores higher than 670 and an absence of collections, liens, and judgments. If your credit score is under 670, that's usually okay, you will likely just have to pay more for your bond.

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