First off, underwriters are unlikely to support new projects more than double the size of prior work. On top of that, they usually expect the financial analysis of the last company economic year-end financial statement to show ample levels of working capital for such projects. (Read Secrets of Bonding # 4 for a comprehensive explanation pertaining to working capital calculations.).
The aggregate capacity is usually double the "single" amount although there may be cases where a limited program contains a single and aggregate for the same amount. This would suggest the underwriters only intend to support one project at a time with no overlap.
As far as the ability to bid on a number of projects while executing other work, the remedy is to have an aggregate amount that is a multiple of the single, as an example $1 million single/ $2 million aggregate (referred to as "one over two").
To determine if the aggregate is enough, first establish if it contains bonded work only or all projects. This varies by underwriter. It is practical and likely they will say "the aggregate includes all work, bonded and unbonded." This strategy takes all the service provider's obligations into consideration, everything that may strain financial and human resources and consequently affect the bonded work.
Knowing when current bonded projects will complete can be handy. Underwriters may support bids knowing that the start of the new project will desire the completion of a current bonded job. This is a slightly creative way of stretching the capacity with a view toward the future. Some underwriters will exercise this flexibility.
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