Bond Guarantee Program
The Florida Department of Transportation Bond Guarantee Program (BGP) is designed to assist disadvantaged business enterprises (DBEs) in securing bonding for FDOT funded projects.
The BGP is an educational and financial support program, in which the State of Florida acts as a second surety, guaranteeing the construction bonds for DBEs working on FDOT projects. Participation in the BGP is limited to DBEs who have been awarded a Certificate of Proficiency from the CMDP and have documented knowledge of the principles of construction bonding.
The BGP includes bonding seminars that will be presented throughout the State of Florida. The seminar includes an overview of bonding and construction, types of bonds, rights of the surety, reasons for default, description of surety industry bonding criteria, loan and bond package portfolio checklist, and evaluation of bond application. The seminar is optional for DBEs who are currently able to obtain bonding.
The Bond Guarantee Program Provides:
- Direct access to bonding to Certified DBEs working on FDOT projects.
- Assistance for DBEs that have not been bonded in the past.
- Assistance to DBEs in increasing their bonding limits.
- Bond guarantees up to 90% for contracts of $250,000 or less.
- Bond Guarantees up to 80% for contracts greater than $250,000.
*The Bond Guarantee Program is designed to assist all DBEs who are bidding on FDOT projects. Bonding assistance is available outside the Bond Guarantee Program for all others on both FDOT and non-FDOT projects .
Overhead Audits:
A one time, no-charge Overhead Audit is available for professional services firms.
For more information on the Bond Guarantee Program or Overhead Audits, please contact us.
