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 [email protected].
- Be sure to include the RFQ/ITB (bid specs from the obligee).
What is a Bid Bond in Illinois?
A bid bond is one of the types of surety bonds, which guarantees that the bidder will enter into the agreement and complete the contract according to its terms. It provides assurance to the project owner that the bidder has the expertise and ability to complete the job once the bidder is selected after winning the bid. The simple reason is that you need one in order to get the work. But the larger question is why are more owners/developers requiring a surety bid bond? The answer is risk. Given the uncertainty of the marketplace, which includes long-time contractors going out of business, to municipalities filing bankruptcy (or just slow paying), has led to owners being afraid that their contractors will be unable finish the job. So, they require a some protection.
Just fill out our bond application here and email it to [email protected] - click here to get our Illinois 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 5% or 10%, is forfeited if you don’t accept the job).
How much does a Bid Bond Cost in Illinois?
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 surety bond if you win the contract. The cost of a P&P 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 IL?
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 Illinois. 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 Illinois?
We make it easy to get a contract bid bond. Just click here to get our Illinois Bid Bond Application. Fill it out and then email it and the Illinois bid specs/contract documents to [email protected] or fax to 855-433-4192.
You can also call us at (913) 286-6501. We fully review all application for surety bid bonds and then submit it to the surety that we believe will provide the best surety bid bond for your job. We have a very high success rate in getting our clients bid bonds at the very best rates possible.
A Captivating Look into Illinois Bid Bonds: What You Need to Know
An Enlightening Insight into an Illinois Bid Bond
From our perspective, an Illinois Bid Bond acts as a financial guarantee for project owners during the bidding process. It ensures that the contractor who wins the bid adheres to the contract terms. If they fail to do so, the bond compensates the project owner for any financial losses. We’ve noticed that this bond is an essential tool for building trust and accountability between contractors and project owners across Illinois, particularly in large public works and construction projects.
Finding Dynamic Bid Bonds Near You
In our observation, securing a bid bond in Illinois is straightforward due to a wide network of surety bond providers. We’ve consistently found that working with local agents gives contractors a deeper understanding of Illinois-specific legal requirements. Online platforms also offer a revolutionary way to secure bonds quickly, but in-person consultations with Illinois-based professionals often add more value, especially for complex projects.
Who Gets the Bid Bond in Illinois? A Metamorphic Breakdown
We’ve had firsthand experience with the diverse range of individuals and organizations that can acquire bid bonds in Illinois. Based on our experience, the following groups can obtain these bonds:
- General Contractors: Leading large-scale infrastructure and public works projects.
- Subcontractors: Often required by primary contractors to ensure compliance.
- Suppliers: Especially for providing materials in government contracts.
- Government Entities: Public projects in Illinois often require bid bonds for accountability. We’ve learned that each of these players contributes to maintaining a competitive, fair, and transparent bidding process throughout Illinois.
We provide bid bonds in each of the following counties:
Adams
Alexander
Bond
Boone
Brown
Bureau
Calhoun
Carroll
Cass
Champaign
Christian
Clark
Clay
Clinton
Coles
Cook
Crawford
Cumberland
DeKalb
De Witt
Douglas
DuPage
Edgar
Edwards
Effingham
Fayette
Ford
Franklin
Fulton
Gallatin
Greene
Grundy
Hamilton
Hancock
Hardin
Henderson
Henry
Iroquois
Jackson
Jasper
Jefferson
Jersey
Jo Daviess
Johnson
Kane
Kankakee
Kendall
Knox
La Salle
Lake
Lawrence
Lee
Livingston
Logan
McDonough
McHenry
McLean
Macon
Macoupin
Madison
Marion
Marshall
Mason
Massac
Menard
Mercer
Monroe
Montgomery
Morgan
Moultrie
Ogle
Peoria
Perry
Piatt
Pike
Pope
Pulaski
Putnam
Randolph
Richland
Rock Island
Saline
Sangamon
Schuyler
Scott
Shelby
St. Clair
Stark
Stephenson
Tazewell
Union
Vermilion
Wabash
Warren
Washington
Wayne
White
Whiteside
Will
Williamson
Winnebago
Woodford
And Cities:
Chicago
Peoria
Rockford
Champaign
Naperville
Joliet
Elgin
Schaumburg
Evanston
Belleville
Arlington Heights
See our Indiana Bid Bond page here.
More on Surety Bid Bonds https://swiftbonds.com/bid-bond/.
Ambitious Strategies for Navigating Bid Bonds in Illinois
We’ve come across the following practical tips for navigating bid bonds in Illinois:
- Understand Illinois Project Requirements: Different projects have varying bonding needs, especially with government contracts.
- Partner with Reputable Surety Companies: A well-established surety can ensure smooth processing.
- Prepare Financially: Illinois surety companies require contractors to demonstrate good credit and financial stability.
- Familiarize Yourself with Illinois Bonding Laws: Illinois-specific regulations can affect bonding requirements.
- Consult a Knowledgeable Illinois Agent: Local agents offer tailored advice for complying with state laws and project requirements.
What We’ve Discovered About Surety Bid Bonds
Surety bid bonds, in our view, are essential performance guarantees. They involve three parties: the project owner (obligee), the contractor (principal), and the surety company (surety). These bonds ensure the obligee that the contractor will honor their obligations. We’ve consistently observed that surety bid bonds are the backbone of Illinois’s construction industry, fostering fairness and trust across various projects.
An Intriguing Breakdown of How Surety Bid Bonds Work in Illinois
We’ve had the chance to work on many projects where surety bid bonds were vital. Here’s how they work:
- Bid Submission: Contractors submit the bid bond alongside their project bid.
- Bid Award: If the contractor wins, they must sign the contract, or the bond covers the project owner’s financial losses.
- Financial Protection: The surety compensates the project owner if the contractor defaults.
- Obligation to Perform: Contractors must fulfill their bid obligations, or the surety steps in to provide relief.
The Eclectic Process of Applying for a Surety Bid Bond in Illinois
We’ve been involved in many bid bond applications and here’s what we’ve noticed about the process in Illinois:
- Prequalification: Contractors must demonstrate financial stability, relevant experience, and capacity.
- Document Submission: Detailed project information, financials, and contractor history are required.
- Credit Evaluation: Sureties conduct thorough credit checks to assess risk.
- Approval: Once approved, the surety issues the bond, allowing the contractor to bid. From what we’ve seen, this structured process ensures that surety companies in Illinois only issue bid bonds to qualified contractors.
Elevated Insights into the Price of a Surety Bid Bond in Illinois
We’ve noticed through our work that the cost of a surety bid bond in Illinois typically ranges from 1% to 3% of the bid amount. We’ve encountered situations where contractors with better financial histories or larger portfolios receive more favorable rates. The exact cost varies based on the project size, the contractor’s financial strength, and the surety’s risk assessment.
Is There a Chance of Being Denied? Our Experience Says Yes
In our line of work, we’ve seen firsthand that bid bond applications can be denied in Illinois for several reasons. Based on our experience, here are some common causes:
- Poor Credit: We’ve often noticed that contractors with low credit scores face higher denial rates.
- Weak Financial History: New contractors or those with unstable financial records are more likely to be denied.
- Lack of Relevant Experience: We’ve seen that contractors lacking experience in similar projects may have difficulty obtaining bid bonds.
- Previous Bond Claims: Contractors with a history of bond claims or defaults can struggle to secure new bid bonds in Illinois. We’ve found that a strong financial background and an established reputation in the industry improve approval chances.
Final Reflections on Bid Bonds in Illinois
Through our own efforts, we’ve come to appreciate the critical role that bid bonds play in Illinois’s construction landscape. These bonds provide project owners with essential financial protection, ensuring that only serious and qualified contractors participate in bids. In our view, Illinois’s bid bond requirements promote transparency and fairness, creating a more competitive and reliable market. We’ve learned from our experience that obtaining a bid bond is not only a regulatory formality but also a testament to a contractor’s credibility and capability.
