California-based InSure Vision Technologies (IVT) has entered into a multi-year contract with BidX.com, a web-based bidding information service, to provide integrated reporting of electronic bids to select state departments of transportation. BidX.com, an Info Tech, Inc. company, supplies the Bid Express service, which integrates with ExpediteTM , an application for bid preparation from the American Association of State Highway Transportation Officials. IVT, provider of The SurePath Network, a web-based surety bond processing system with over 100 licensed sites, will integrate their product with Bid Express to support the exchange of electronic surety bid bond information.
The bid bond is provided to obligees, such as the state DOTs, at the time of a bid opening, to guarantee the contractor’s bid. Offering this service electronically is advantageous to all parties, including the obligees, contractors, agents, and carriers, who participate in the bid bond process. The electronic reporting and bidding process provides significant benefits by reducing the time and expense required to attend bid lettings and bid submissions in person, while also reducing the amount of data entry and paperwork required to process bid bonds.
“We are very excited at this opportunity to further expand The SurePath Network,” Pam Stocks, President of Insure Vision Technologies, commented. “We believe the SurePath Network will greatly benefit from integration with Bid Express. SurePath users will now be able to generate an electronic bid verification identifier which contractors can use to submit their bids electronically to the obligee via Bid Express. Users can create a bond and track all underwriting information without any duplicate data entry.”
SurePath can further automate the process by providing electronic filing capabilities of final bonds to obligees when a contract is awarded. SurePath can generate a printable version of a bond form, which can be digitally signed by agents and principals prior to submission to an obligee.
“We will expand our services to allow agents and their contractors to register online to utilize SurePath’s electronic bid submission features. The integration with Bid Express should be available during the second quarter of 2002,” Beverly Hall, Chief Financial Officer of IVT, added.
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