You can now get a Bid Bond (almost) instantly. For Bids under $100,000, click here 
For all bids greater than $100,000, get our Express Application form:
Express Application (click to download form)
- Complete the form and email to gary@swiftbonds.com.
- Be sure to include the RFQ/ITB (bid specs from the obligee).
What is a Bid Bond in Hawaii?
A bid bond is one of the types of surety bonds, that guarantees that the bidder will accept the project and complete the contract according to its terms. It provides assurance to the project owner that the bidder has the expertise and ability to finish the job once you are selected after winning the bid. The simple reason is that you need one in order to get the contract. But the larger question is why are more owners/developers requiring a bid bond in the first place? The answer is risk. Given the uncertainty of the marketplace, which includes long-time contractors closing their doors, to municipalities filing bankruptcy (or just slow paying), has led to owners being afraid that their contractors will be unable complete the job. So, they require a some protection.
Just fill out our bond application here and email it to gary@swiftbonds.com - click here to get our Hawaii Bid Bond Application
A bid bond is issued as part of a bid by a surety bond company to the project owner. The owner is then assures that the winning bidder will take on the contract under the terms at which they bid.
Most bid bonds contain a bid percentage (usually five (5%) or ten (10%) percent, is forfeited if you don’t accept the job).
How much does a Bid Bond Cost in Hawaii?
Swiftbonds does not charge for a surety bid bond (with two exceptions, see below). The reason that we don't charge for a bid bond is that we will charge for the contract bond if you get the job. The cost of a bid bond can vary widely depending on the amount of coverage that is required (see below).
Two exceptions for bid bond charges:
1) We do charge for Overnight fees
2) We will charge you if there is NOT going to be a bond on the contract.
How much do bonds cost in HI?
Bond prices fluctuate based on the job size (that is, it's based on the cost of the underlying contract). The cost of a bond is estimated through a couple of back-of-the-envelope calculations. In general, the cost is approximately three percent (3%) for jobs under $800,000 and then the percentage is lower as the contract amount increases. We work diligently to find the lowest premiums possible in the state of Hawaii. Please call us today at (913) 286-6501. We'll find you the very best rate possible for your maintenance bond or completion bond. Things that can affect this pricing are the perceived risk of the job, the financial position of the entity being bonded, plus other factors. See our Performance Bond Cost page for more.
| Bond Amount Needed | Fee |
| <$800,000 | 2-3% |
| >$800,000<$1,500,00 | 1.5-3% |
| >$1.500,000 | 1-3% |
These rates are for Merit clients, Standard rates are higher
How do I get a Bid Bond in Hawaii?
We make it easy to get a contract bid bond. Just click here to get our Hawaii Bid Bond Application. Fill it out and then email it and the Hawaii bid specs/contract documents to gary@swiftbonds.com or fax to 855-433-4192.
You can also call us at (913) 286-6501. We fully review all application for surety bonds and then submit it to the surety that we believe will provide the best surety bond for your company. We have a high success rate in getting our clients bid and P&P bonds at the very best rates possible.
The Ultimate Guide to Hawaii Bid Bonds: Unlocking Potential in Construction
What Are Hawaii Bid Bonds? A Fresh Perspective on Their Importance
In our observation, Hawaii bid bonds play a pivotal role in the state’s construction industry, serving as a financial guarantee to ensure contractors honor their bids. These bonds protect project owners, particularly in large public works projects, by offering a safety net if a contractor defaults. Based on our experience, bid bonds ensure fair competition and reliability in Hawaii’s construction market, fostering trust between contractors and project owners.
Finding a Bid Bond Near Me: Navigating New Horizons in Hawaii
We’ve consistently found that finding a reliable bid bond provider in Hawaii is crucial to a smooth bidding process. Contractors looking for local expertise can elevate their experience by partnering with surety bond brokers who understand Hawaii’s unique construction landscape. In our professional dealings, we’ve noticed that working with a local provider can help avoid potential pitfalls, as they offer tailored advice based on the state’s regulatory framework.
Who Benefits from Bid Bonds in Hawaii? Unlocking the Art of Possibility
From what we’ve seen, Hawaii bid bonds create a win-win situation for all parties involved. Here’s how each group benefits:
- Project Owners: We’ve learned that bid bonds give owners peace of mind, knowing the contractor is committed to the project.
- Contractors: What we’ve discovered is that contractors use bid bonds to demonstrate their reliability, increasing their chances of winning bids.
- Surety Companies: These entities provide the financial backing, ensuring the project moves forward, even if the contractor defaults. In our view, surety companies help maintain stability in Hawaii’s construction ecosystem.
We provide bid bonds in each of the following counties:
Hawaii
Honolulu
Kalawao
Kauai
Maui
And Cities:
Honolulu
Kailua
Kapolei
Kaneohe
Haleiwa
Waipahu
Mililani
Ewa Beach
Pearl City
See our Idaho Bid Bond page here.
More on Surety Bid Bonds https://swiftbonds.com/bid-bond/.
Practical Advice for Hawaii Contractors: Redefining Success with Bid Bonds
We’ve had the chance to work on numerous projects in Hawaii, and one thing we’ve realized is that success in securing a bid bond comes from being prepared. From our experience, contractors should focus on maintaining strong financials and a clean project history. We’ve found that having these elements in place streamlines the approval process and helps avoid delays that could jeopardize the bid.
What Is a Surety Bid Bond? Everything You Need to Know
We’ve noticed through our work that a surety bid bond is a three-party agreement where the surety guarantees to the project owner that the contractor will honor their bid. The bond provides essential security to project owners, particularly in high-value construction projects. From our perspective, bid bonds are fundamental to Hawaii’s construction industry, helping maintain order and accountability in the bidding process.
How Bid Bonds Work in Hawaii: Step-by-Step Approach to Securing Your Project
In our dealings with Hawaii-based projects, we’ve found that bid bonds follow a straightforward but critical process. The contractor submits the bond alongside their bid, and if awarded the project, the surety ensures the contractor signs the contract. What we’ve personally witnessed is that if the contractor backs out, the surety covers the cost difference, ensuring the project continues smoothly.
Applying for a Bid Bond in Hawaii: Crafting Your Journey
We’ve had firsthand experience with the bid bond application process in Hawaii, and here’s what we’ve learned:
- Prequalification: Contractors submit financial statements and past project records. We’ve come to understand that the more comprehensive this step is, the better your chances of approval.
- Bond Issuance: Once approved, the bond is issued for submission with the bid package.
- Maintaining Relationships: In our experience, maintaining an ongoing relationship with the surety provider helps with future applications, making the process much faster and smoother.
The Cost of Bid Bonds in Hawaii: Key Trends to Watch
We’ve consistently observed that the cost of bid bonds in Hawaii ranges from 1-3% of the total project bid. This is an affordable way to secure a bid, but we’ve found through experience that factors such as the contractor’s financial health and the project size can influence the premium. Our experience tells us that contractors with strong financials often enjoy lower costs, while smaller firms may face slightly higher rates.
Denied Bid Bonds: Mistakes to Avoid in Hawaii
We’ve been in situations where contractors were denied bid bonds, and from what we’ve seen, common reasons include:
- Poor Financial Stability: Contractors with a weak credit history often struggle to secure a bond.
- Inexperience: In our line of work, we’ve noticed that contractors without a proven track record face higher scrutiny.
- Legal Issues: Any unresolved legal matters can lead to automatic disqualification. We’ve found that contractors should address any past defaults or disputes before applying.
Concluding Thoughts: The Path Less Traveled with Hawaii Bid Bonds
We’ve come to the conclusion that bid bonds are indispensable for contractors in Hawaii looking to grow their business. These bonds not only protect project owners but also allow contractors to demonstrate their reliability and financial stability. In our view, preparation and working closely with a knowledgeable surety provider are key to unlocking success in Hawaii’s competitive construction market.
Learn more about Hawaii bids.
