What is an e-Bond and how can I utilize them in Bonfire?

What is an e-Bond?

An e-Bond, or electronic bond, is a digital surety bond that protects purchasers financially from a supplier being unable or unwilling to complete their contract or awarded project. This digital file is occasionally requested by Purchasing Organizations or Project Owners as part of their submission package.

E-bonds are currently issued by third parties, and we encourage all e-bond and surety clients to carefully research the surety provider they choose.  Bonfire is proud to partner with Mobile Bonds, a service company that enables customers to create and process digital surety bonds online at a low cost.

How can I utilize e-Bonds in Bonfire?

Bonfire allows purchasers to collect e-bonds in an easy, efficient, and entirely compliant way.  To collect an e-Bond on your Bonfire project, follow the 3 steps:

  1. Set up a requested information slot to receive an e-Bond with each vendor’s submission.  See an example below: ebond_leftnav_1.png
  2. If you choose to move forward with a selected vendor, you can easily verify the e-Bond online using a service such as Mobile Bonds.
  3. Once the e-Bond has been verified, continue your procurement process as normal.  You may choose to download the Signature Audit Report or other e-Bond confirmation notices for your records.

Additionally, you may want to set-up pass/fail criteria in your project to represent the validity of each e-Bond.  See example below:

ebond_leftnav_2.png

Can I still receive a physical copy of a bond?

If required, you can run your project through Bonfire as outlined, and have the supplier mail a physical copy of the bond to your offices, in addition to receiving the digital copy. 

For additional information, please watch our educational webinar: "managing-ebonding-and-construction-opportunities-in-bonfire"

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