To submit the bank reference letter, ensure it is completed accurately and printed on official bank letterhead. Submit the signed letter via email to the designated Surety Bond provider or fax it to their office. In some cases, submission can be done via an online portal if available - check with your bonding company for details.

Important dates for using this form include submission deadlines associated with your Surety Bond application. Check specific bonding company requirements for any upcoming changes to deadlines in 2024 and 2025.

The purpose of this form is to provide a standardized way for contractors to request bank reference letters needed for Surety Bond applications. By ensuring consistency, it aids banks in furnishing the required details for effective underwriting. This form clarifies the financial details expected by bonding organizations during the credit evaluation process.

• 1. Date Account Opened: The specific date when the account was initiated.
• 2. 12-Month Average Balance: The average balance maintained in checking and savings over the past year.
• 3. Current Account Balances: The present balance of checking and savings accounts.
• 4. Working Capital Line Information: Details about any working capital lines, including limits and balances.
• 5. Total Loan Obligations: Total amount owed across all loans, including purpose and security.

If the form is not submitted correctly, it could result in delays in the Surety Bond approval process. Missing or inaccurate information might lead to rejection or require resubmission, causing further complications. It is crucial to ensure all sections are fully and accurately completed.

• Incomplete Information: Submitting incomplete forms may delay approval and extend the underwriting process.
• Accuracy of Financial Figures: Inaccurate reporting of financial details can lead to rejection of the bond application.
• Timeliness of Submission: Late submissions could result in missed deadlines for bond application approval.

• 1. Contract Bid Process: Often required as part of the bidding process for contracts.
• 2. Loan Applications: Utilized when seeking loans backed by Surety Bonds.
• 3. Contractor Licensure: Required for certain licenses in construction and contracting.
• 4. Partnership Agreements: Often needed when entering into contractual partnerships.
• 5. Financial Assessments: Used as part of comprehensive financial assessments by lending institutions.