Surety Bond Details
The South Carolina Residential Specialty Contractors Act (SCRSCCA) was passed in 2011 to protect consumers and promote fair competition among residential specialty contractors. It requires all residential specialty contractors to register with the South Carolina Department of Labor, Licensing and Regulation to obtain a license. This includes plumbing, electrical, heating, air conditioning, roofing, masonry, carpentry, painting, drywall, tile, flooring, etc. To qualify for licensure, applicants must pass a criminal history check and pay a fee. Applicants must also post a surety bond to cover any losses incurred.
What is a South Carolina Registered Residential Specialty Contractor Bond?
A South Carolina Registered Residential Specialty Contractor Bond is a surety bond that ensures a contractor upholds the end of a contract and performs the work per industry standards. If the contractor fails to do so, the bondholder may file a claim against the bond and receive compensation up to the total bond amount.
Who Needs a South Carolina Registered Residential Specialty Contractor Bond?
All registered residential specialty contractors in South Carolina are required to obtain a bond. A registered residential specialty contractor works on residential properties and specializes in one or more areas, such as roofing, plumbing, electrical, HVAC, and more.
How to Obtain a South Carolina Registered Residential Specialty Contractor Bond
You'll need to contact a surety bond agency to obtain a South Carolina Registered Residential Specialty Contractor Bond. The agency will evaluate your qualifications and financial standing to determine your bond rate. Once approved for the bond, you'll need to sign the bond agreement and pay the premium.
Bond Amount and Cost
The South Carolina Residential Builders Commission requires residential specialty contractors to obtain a bond of at least $10,000. The cost of the bond will vary based on your qualifications and creditworthiness. Typically, contractors with good credit can expect to pay a premium of 1% to 5% of the bond amount.
Renewing Your Bond
A South Carolina Registered Residential Specialty Contractor Bond must be renewed every year. The surety bond agency that issued your bond will send you a renewal notice before expiration. To renew your bond, you must pay the premium and update your bond information if necessary.
A South Carolina Registered Residential Specialty Contractor Bond is for contractors in this field. By obtaining this bond, you can give your clients peace of mind and protect your business from potential financial loss. To become a registered residential specialty contractor in South Carolina, speak with a surety bond agency to obtain your bond.
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