The Miller Act (40 U.S.C. §§ 3131–3134)
FAR Part 28 (Bonds & Insurance)
Treasury Circular 570 Approved Sureties
OMB Control No. 9000-0045 • SF-24 / 25 / 25A
The Miller Act Surety Underwriting Dossier & GSA Form Generator
Federal construction contracts exceeding $150,000 mandate performance and payment bonds under 40 U.S.C. § 3131. This statutory underwriting engine calculates exact penal sums (SF-24 20% Bid Bond, SF-25 100% Performance Bond, SF-25A 100% Payment Bond), audits your single and aggregate bonding lines in real time, evaluates working capital liquidity ratios, indexes CPARS past performance, generates formal Treasury Circular 570 surety broker submission dossiers, and renders official pre-filled GSA Standard Forms ready for underwriting execution.
[BONDING STATUS: APPROVED / PASS]
40 U.S.C. § 3131 / FAR 28.102-1 Verified
Contract Bid Value
$420,000.00
SF-24 Bid Bond (20%)
$84,000.00
SF-25 / 25A Bonds (100%)
$420,000.00
Available Single Buffer
$1,080,000.00
Remaining Aggregate Buffer
$2,130,000.00
1. Project & Solicitation Parameters
Solicitation, contract scope, and penal sum calculation baseline
Miller Act 100% threshold: >$150,000
Standard FAR 28.101-2 default: 20%
2. Contractor Legal Entity & Bonding Underwriting Limits
Surety lines, committed backlog, and corporate principal credentials
Max single contract capacity
Total bonded capacity program
Active ongoing bonded work
3. Financial Underwriting & Working Capital Liquidity
Balance sheet metrics required for Treasury Circular 570 underwriter approval
Working Capital
$420,000.00
CA - CL (Net Liquid Capital)
Current Ratio
2.62x
Benchmark: ≥ 1.25x
Strong
Quick Ratio (Acid Test)
2.50x
(Cash + AR) / CL: ≥ 1.0x
Excellent
Debt-to-Equity
0.42x
TL / Net Worth: ≤ 3.0x
Low Leverage
Capacity Multiplier
7.1x
Agg Limit / WC: 10x–15x
Conservative
Underwriting Health Score
95 / 100
Tier 1 Prime
4. CPARS Past Performance & Circular 570 Approved Surety
Federal performance evaluations and corporate surety carrier5. Official GSA Standard Forms & Executive Underwriting Brief
Standard Form 24 (Bid Bond), SF-25 (Performance Bond), and SF-25A (Payment Bond)SURETY UNDERWRITING SUBMISSION BRIEF
Treasury Circular 570 Underwriting Dossier
GOVTENDER PRO
Date: 2026-10-15
Date: 2026-10-15
| TO (Surety Underwriter): | Travelers Casualty and Surety Company of America |
| FROM (Surety Broker): | GovTender Surety Placement Services • Southeast Federal Practice Group |
| APPLICANT PRINCIPAL: | Crestview Certified Electrical LLC (UEI: ZX78VBN4M921 | CAGE: 8K2M1) |
| SOLICITATION / PROJECT: | N69450-26-R-0112 — Naval Air Station Whiting Field Airfield Electrical Substation Modernization |
| OBLIGEE AGENCY: | Department of the Navy • NAVFAC Southeast |
1. Executive Summary & Bonding Request
This underwriting brief supports the issuance of Miller Act statutory surety bonds for Crestview Certified Electrical LLC for the above-referenced federal construction procurement. Contractor seeks issuance of Standard Form 24 Bid Bond (20% penal sum: $84,000.00) and commitment for 100% Performance and Payment Bonds (Standard Forms 25 & 25A) in the penal sum of $420,000.00 upon award.
UNDERWRITER RECOMMENDATION:
RECOMMEND FULL BOND ISSUANCE: Contractor satisfies all Miller Act (40 U.S.C. § 3131) and Treasury Circular 570 guidelines with positive working capital and stellar past performance.
RECOMMEND FULL BOND ISSUANCE: Contractor satisfies all Miller Act (40 U.S.C. § 3131) and Treasury Circular 570 guidelines with positive working capital and stellar past performance.
2. Underwriting Capacity & Financial Ratios
| Financial Underwriting Metric | Applicant Value | Industry Benchmark | Underwriter Audit Finding |
|---|---|---|---|
| Working Capital (Liquid Net) | $420,000.00 | > $150,000 | PASS (Strong Operating Liquidity) |
| Current Ratio | 2.62x | ≥ 1.25x | PASS (Healthy Working Capital Coverage) |
| Quick Ratio (Acid Test) | 2.50x | ≥ 1.0x | PASS (Zero Inventory Reliance) |
| Debt-to-Equity Ratio | 0.42x | ≤ 3.0x | PASS (Conservative Leverage) |
| Single-Project Capacity Utilization | 28.0% | ≤ 100.0% | PASS ($1.08M Headroom Remaining) |
| Aggregate Program Commitment | $870,000.00 | Limit: $3,000,000 | PASS ($2.13M Headroom Remaining) |
3. Contractor Performance Assessment Reporting System (CPARS)
Applicant maintains an active federal performance record with a composite CPARS score of 4.60 / 5.00 (Exceptional) across past Department of Defense and civilian contracts.
| Quality of Product | Schedule Adherence | Cost Control | Management | Regulatory / Safety |
|---|---|---|---|---|
| Exceptional | Very Good | Very Good | Exceptional | Exceptional |
4. Scope of Work & Agency Risk Mitigations
The scope of work is within applicant's primary specialty licensing (Florida Certified Electrical Contractor). NAVFAC Southeast contract provisions establish liquidated damages at $1,250.00/day for an 180 calendar day period of performance. Applicant has completed similar substation switchgear replacements at NAS Whiting Field and Corry Station on schedule with zero liquidated damages assessments.
STANDARD FORM 24 (REV. 10/2019)
Prescribed by GSA - FAR (48 CFR) 53.228(a)
Prescribed by GSA - FAR (48 CFR) 53.228(a)
BID BOND
(See instructions on reverse)
OMB Control No.: 9000-0045
Expiration Date: 08/31/2026
Expiration Date: 08/31/2026
|
512 N Main Street, Crestview, FL 32536
State of Inc.: FL • Type: Corporation / LLC
|
One Tower Square, Hartford, CT 06183
Treasury Circular 570 NAIC: 31194 (State: CT)
|
|
PERCENT:
20%
AMOUNT IN FIGURES:
$84,000.00
AMOUNT IN WORDS:
Eighty-Four Thousand and 00/100 Dollars
|
|
| 2026-10-15 | N69450-26-R-0112 |
|
Naval Air Station Whiting Field Airfield Electrical Substation Modernization — Department of the Navy • NAVFAC Southeast
|
|
OBLIGATION:
We, the Principal and Surety(ies) are firmly bound to the United States of America (hereinafter called the Government) in the above penal sum. For payment of the penal sum, we bind ourselves, our heirs, executors, administrators, and successors, jointly and severally. However, where the Sureties are corporations acting as co-sureties, we bind ourselves in such sum "jointly and severally" as well as "severally" only for the purpose of allowing a joint action or actions against any or all of us.
CONDITIONS:
The Principal has submitted the bid identified above. The condition of this obligation is that if the Principal is offered a contract and within the period specified in the bid (or 60 days if no period is specified), gives good and sufficient bond(s) with surety acceptable to the Government for the faithful performance of the contract and for the protection of all persons supplying labor and material, or in the event of failure to give such bond(s), pays the Government for any difference between the amount specified in the bid and the amount for which the Government may procure the required work, then the above obligation shall be void and of no effect.
We, the Principal and Surety(ies) are firmly bound to the United States of America (hereinafter called the Government) in the above penal sum. For payment of the penal sum, we bind ourselves, our heirs, executors, administrators, and successors, jointly and severally. However, where the Sureties are corporations acting as co-sureties, we bind ourselves in such sum "jointly and severally" as well as "severally" only for the purpose of allowing a joint action or actions against any or all of us.
CONDITIONS:
The Principal has submitted the bid identified above. The condition of this obligation is that if the Principal is offered a contract and within the period specified in the bid (or 60 days if no period is specified), gives good and sufficient bond(s) with surety acceptable to the Government for the faithful performance of the contract and for the protection of all persons supplying labor and material, or in the event of failure to give such bond(s), pays the Government for any difference between the amount specified in the bid and the amount for which the Government may procure the required work, then the above obligation shall be void and of no effect.
Marcus Vance
President & Chief Estimator
[ PRINCIPAL CORPORATE SEAL ]
Authorized Attorney-in-Fact
Underwriting Representative for Travelers Casualty and Surety
[ SURETY CORPORATE SEAL ]
STANDARD FORM 25 (REV. 11/2021)
Prescribed by GSA - FAR (48 CFR) 53.228(b)
Prescribed by GSA - FAR (48 CFR) 53.228(b)
PERFORMANCE BOND
The Miller Act (40 U.S.C. Chapter 31, Subchapter III)
OMB Control No.: 9000-0045
Expiration Date: 08/31/2026
Expiration Date: 08/31/2026
|
512 N Main Street, Crestview, FL 32536
State of Inc.: FL • Type: Corporation / LLC
|
One Tower Square, Hartford, CT 06183
Treasury Circular 570 NAIC: 31194 (State: CT)
|
|
PERCENT:
100%
AMOUNT IN FIGURES:
$420,000.00
AMOUNT IN WORDS:
Four Hundred Twenty Thousand and 00/100 Dollars
|
|
| 2026-10-25 | N69450-26-R-0112 |
|
Naval Air Station Whiting Field Airfield Electrical Substation Modernization — NAVFAC Southeast
|
|
OBLIGATION & CONDITIONS:
We, the Principal and Surety(ies), are firmly bound to the United States of America in the above penal sum. The Principal has entered into the contract identified above. The condition of this obligation is that if the Principal: (1) Performs and fulfills all the undertakings, covenants, terms, conditions, and agreements of the contract during the original term and any extensions thereof that may be granted by the Government, with or without notice to the Surety(ies), and during the life of any guaranty required under the contract, and (2) Performs and fulfills all undertakings, covenants, terms, conditions, and agreements of any and all duly authorized modifications of the contract, then this obligation shall be void and of no effect.
Pursuant to 40 U.S.C. Chapter 31, Subchapter III, the Surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the contract or to the work to be performed thereunder shall in any way affect its obligation on this bond.
We, the Principal and Surety(ies), are firmly bound to the United States of America in the above penal sum. The Principal has entered into the contract identified above. The condition of this obligation is that if the Principal: (1) Performs and fulfills all the undertakings, covenants, terms, conditions, and agreements of the contract during the original term and any extensions thereof that may be granted by the Government, with or without notice to the Surety(ies), and during the life of any guaranty required under the contract, and (2) Performs and fulfills all undertakings, covenants, terms, conditions, and agreements of any and all duly authorized modifications of the contract, then this obligation shall be void and of no effect.
Pursuant to 40 U.S.C. Chapter 31, Subchapter III, the Surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the contract or to the work to be performed thereunder shall in any way affect its obligation on this bond.
Marcus Vance
President & Chief Estimator
[ PRINCIPAL CORPORATE SEAL ]
Authorized Attorney-in-Fact
Underwriting Representative for Travelers Casualty and Surety
[ SURETY CORPORATE SEAL ]
STANDARD FORM 25A (REV. 11/2021)
Prescribed by GSA - FAR (48 CFR) 53.228(c)
Prescribed by GSA - FAR (48 CFR) 53.228(c)
PAYMENT BOND
The Miller Act (40 U.S.C. Chapter 31, Subchapter III)
OMB Control No.: 9000-0045
Expiration Date: 08/31/2026
Expiration Date: 08/31/2026
|
512 N Main Street, Crestview, FL 32536
State of Inc.: FL • Type: Corporation / LLC
|
One Tower Square, Hartford, CT 06183
Treasury Circular 570 NAIC: 31194 (State: CT)
|
|
PERCENT:
100%
AMOUNT IN FIGURES:
$420,000.00
AMOUNT IN WORDS:
Four Hundred Twenty Thousand and 00/100 Dollars
|
|
| 2026-10-25 | N69450-26-R-0112 |
|
Naval Air Station Whiting Field Airfield Electrical Substation Modernization — NAVFAC Southeast
|
|
STATUTORY PROTECTION & PAYMENT CONDITIONS:
We, the Principal and Surety(ies), are firmly bound to the United States of America in the above penal sum. The Principal has entered into the contract identified above. The condition of this obligation is that if the Principal promptly makes payment to all persons supplying labor and material in the prosecution of the work provided for in the contract and any authorized extension or modification of the contract, then this obligation shall be void and of no effect.
Pursuant to 40 U.S.C. Chapter 31, Subchapter III (The Miller Act), every person that has furnished labor or material in the prosecution of the work provided for in the contract, and that has not been paid in full within 90 days after the day on which the last of the labor was done or performed by the person or material was furnished or supplied, may bring a civil action on this payment bond for the amount unpaid.
We, the Principal and Surety(ies), are firmly bound to the United States of America in the above penal sum. The Principal has entered into the contract identified above. The condition of this obligation is that if the Principal promptly makes payment to all persons supplying labor and material in the prosecution of the work provided for in the contract and any authorized extension or modification of the contract, then this obligation shall be void and of no effect.
Pursuant to 40 U.S.C. Chapter 31, Subchapter III (The Miller Act), every person that has furnished labor or material in the prosecution of the work provided for in the contract, and that has not been paid in full within 90 days after the day on which the last of the labor was done or performed by the person or material was furnished or supplied, may bring a civil action on this payment bond for the amount unpaid.
Marcus Vance
President & Chief Estimator
[ PRINCIPAL CORPORATE SEAL ]
Authorized Attorney-in-Fact
Underwriting Representative for Travelers Casualty and Surety
[ SURETY CORPORATE SEAL ]