Free checklist · For contractors
Bonding-readiness checklist
The documents and schedules sureties commonly review when they set or renew a contractor's bond line. Tick off what you have, and note what's missing or out of date.
Requirements vary by surety. This is general education, not a list from any particular surety. Ask your surety agent exactly what yours needs and when.
1. Year-end financial statements
- Statements prepared by your outside accountant at the level your surety asks for, with the notes and the accountant's report
- Delivered on time: many sureties expect year-end statements within a set number of days after year-end
- Balance sheet, income statement and cash flow statement that tie to each other and to your tax return
- Interim statements (quarterly or semi-annual) if your surety asks for them during the year
2. Work-in-progress (WIP) schedule
- Every open job: contract value, approved change orders, costs to date, estimated cost to complete and percent complete
- Over- and under-billings for each job, totalled to match the balance sheet
- Estimated gross profit on each job, compared with the original estimate
- Completed-jobs schedule for the year: final contract value, cost and gross profit
3. Receivables and payables
- AR aging by customer, with retainage shown separately
- AP aging by vendor and subcontractor
- Notes on slow or disputed accounts and what's being done about them
4. Bank and debt
- Bank statements and reconciliations for the period-end
- Line of credit: limit, balance, maturity and any covenants
- Debt schedule: equipment loans, vehicle loans and other notes, with balances that match the balance sheet
5. Backlog and the work ahead
- Backlog schedule: signed work not yet performed, with the expected gross profit
- Largest jobs: owner, size, bonded or not, and expected completion
- Bid pipeline: the size of the jobs you plan to bid in the coming year
6. Company and owners
- Company overview or résumé: history, key people, the type of work and where you work
- Owners' personal financial statements, if your surety asks for them
- Business tax returns for recent years
- Insurance certificates and current licenses
General information only; not tax, legal or bonding advice for your situation. Requirements vary by surety.
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We close contractors' books every month and keep the WIP schedule, job costing and supporting schedules current, so the package is ready before the surety asks.
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