Payment Bond Provider (Financial Subcontract)

The contract requires a payment bond equivalent to 25% of the maximum liability of $10 million, totaling $2.5 million, to guarantee timely payment to subcontractors and suppliers involved in the project. This financial guarantee ensures compliance with payment obligations and mitigates risk for parties working under the prime contract. The solicitation is categorized as a financial subcontract under NAICS code 524126, which pertains to insurance agencies and brokerages, indicating the focus is on securing bonding services rather than direct construction or labor. The Tennessee Department of General Services is the contracting agency, operating through its Central Procurement Office, and the opportunity is open to qualified bond providers who can meet the specified financial assurance requirements. The solicitation was posted on May 27, 2026, with a response deadline of July 6, 2026, providing interested parties approximately six weeks to submit proposals. There is no set-aside designation specified, meaning the contract is open to all eligible providers regardless of size or ownership status. The place of performance and point of contact details are not provided, suggesting the bonding obligation is administrative and financial in nature rather than tied to a specific geographic worksite. Interested parties must refer to the official Tennessee Department of General Services procurement website for submission guidelines and further details on the application process.