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Surety Bond Details
Cost: $4,800
Mechanical Contractor Bond | ||
|---|---|---|
Category: | Contractor License Bonds | |
Obligee: | South Carolina Contractors Licensing Board | |
Amount: | $400,000 | |
Duration: | Stated on Bond | |
Expiration: | 31-Oct | |
Effective May 2018, the Contractor's Licensing Board will accept a South Carolina Mechanical Contractor surety bond in lieu of qualification by the previous minimum net worth standards. Per the Board, "Beginning with this (2018-2018) license renewal cycle, the Board can now accept a surety bond in lieu of a financial statement for both renewals and initial applications. An applicant may provide a surety bond in the amount of two (2) times the net worth requirement for the Group Level for which he or she applies. The license Groups are as follows:
Group 1 Mechanical Contractor Bond: $7,000
Group 2 Mechanical Contractor Bond: $15,000
Group 3 Mechanical Contractor Bond: $30,000
Group 4 Mechanical Contractor Bond: $60,000
Group 5 Mechanical Contractor Bond: $300,000
The terms of the obligation are statutory. The South Carolina Mechanical Contractor license bond must conform to the requirements as set forth in Section 40-11-262, "(1) be continuous in form and must be maintained in effect for as long as the applicant maintains the license issued by the department or until the applicant submits a financial statement showing that he meets the net worth requirements for the his license group; (2) name the State of South Carolina as obligee; (3) issued to benefit of any person who is damaged by an act or omission of the applicant constituting a breach of construction contract or a contract for the furnishing of labor, materials, or professional services for construction undertaken by the applicant, or by any unlawful act or omission of the applicant in performing construction; and (4) be in addition to, and not in lieu of, any other surety bond required of the applicant by law or regulation (local or state). The South Carolina mechanical contractor's license bond may be canceled by notification to the Board by the surety and the applicant thirty days prior to the effective date of the cancellation." All surety bonds and application materials must be submitted to:
South Carolina General Contractor's Licensing Board
Synergy Business Park; Kingstree Building
110 Centerview Dr.
Columbia, S.C. 29210
Per the Board, "Beginning with this (2018-2018) license renewal cycle, the Board can now accept a surety bond instead of a financial statement for both renewals and initial applications. An applicant may provide a surety bond of two (2) times the net worth requirement for the Group Level for which they apply. The license Groups are as follows:
The terms of the obligation are statutory. The South Carolina Mechanical Contractor license bond must conform to the requirements as outlined in Section 40-11-262, "(1) be continuous in form and must be maintained in effect for as long as the applicant maintains the license issued by the department or until the applicant submits a financial statement showing that he meets the net worth requirements for his license group; (2) name the State of South Carolina as obligee; (3) issued to the benefit of any person who is damaged by an act or omission of the applicant constituting a breach of a construction contract or a contract for the furnishing of labor, materials, or professional services for construction undertaken by the applicant, or by any unlawful act or omission of the applicant in performing construction; and (4) be in addition to, and not instead of, any other surety bond required of the applicant by law or regulation (local or state). The South Carolina mechanical Contractor license bond may be canceled by notification to the Board by the surety and the applicant thirty days before the effective date of the cancellation." All surety bonds and application materials must be submitted to South Carolina General Contractor Licensing Board Synergy Business Park; Kingstree Building 110 Centerview Dr. Columbia, S.C. 29210
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