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South Carolina General Contractor Bond Group 5 ($500,000) In lieu of providing a financial statement showing a minimum net worth for a license group as required by Section 40-11-260, an applicant may provide a surety bond from a surety authorized to transact surety business in this State in an amount of two times the required net worth for the applicant’s license group with his initial or renewal application. The required bond amounts are in parenthesis: ? Group 1 General Contractor ($20,000) ? Group 2 General Contractor ($80,000) ? Group 3 General Contractor ($200,000) ? Group 4 General Contractor ($350,000) ? Group 5 General Contractor ($500,000)
State of Mississippi Contractor License Bond A Contractor License Bond is a required by the state or county for the issuance of an active license, reactivation of a license, and for the maintenance of an actively renewed license. The Bond is filed for the benefit of consumers who may be damaged as a result of defective construction or other license law violations, and for the benefit of employees who have not been paid wages that are due to them. Construction professionals sometimes misunderstand the purpose of contractor license Bonds by assuming the coverage protects themselves. However, Surety Bond insurance is not the same as traditional insurance policies. This type of Surety Bond actually protects the general public by guaranteeing that construction professionals will adhere to whatever stipulations are found within the Bond’s legal language. By purchasing contractor license Bonds, construction professionals agree to work according to certain regulations, thus protecting government agencies and consumers from potential financial loss.
City of Clinton, MS Contractor License Bond ($5,000) A Contractors License Bond is a required by the state or county for the issuance of an active license, reactivation of a license, and for the maintenance of an actively renewed license. The Bond is filed for the benefit of consumers who may be damaged as a result of defective construction or other license law violations, and for the benefit of employees who have not been paid wages that are due to them. Construction professionals sometimes misunderstand the purpose of contractor license Bonds by assuming the coverage protects themselves. However, Surety Bond insurance is not the same as traditional insurance policies. This type of Surety Bond actually protects the general public by guaranteeing that construction professionals will adhere to whatever stipulations are found within the Bonds legal language. By purchasing contractor license Bonds, construction professionals agree to work according to certain regulations, thus protecting government agencies and consumers from potential financial loss.
Florida Mobile Home Dealer Bond ($25,000) If you are a Mobile Home Dealer in the State of Florida, the Division of Motor Vehicles requires you to furnish a Florida Mobile Home Dealer Surety Bond to ensure compliance with Chapter 320 of the Florida Statutes. Mobile Home Dealer Bond protects against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Florida Mobile Home Dealer Surety Bond holds you accountable for your business decisions.
Secure your business with an East Point Tradesmen Contractor Bond. This surety bond protects your clients and ensures you comply with regulations.
South Carolina General Contractor Bond Group 5 ($500,000) In lieu of providing a financial statement showing a minimum net worth for a license group as required by Section 40-11-260, an applicant may provide a surety bond from a surety authorized to transact surety business in this State in an amount of two times the required net worth for the applicant’s license group with his initial or renewal application. The required bond amounts are in parenthesis: ? Group 1 General Contractor ($20,000) ? Group 2 General Contractor ($80,000) ? Group 3 General Contractor ($200,000) ? Group 4 General Contractor ($350,000) ? Group 5 General Contractor ($500,000)
Mississippi Landscaping and Gardening Bond Mississippi Landscaping Bond is required by the State of Mississippi to comply with the State licensing requirements. Each state has drafted their own Landscaping Bond Form, so you will need a different Landscaping bond for each state you will be transacting business in.
Contractor License Bond, City of Brandon ($5,000) A Contractor License Bond is a required by the state or county for the issuance of an active license, reactivation of a license, and for the maintenance of an actively renewed license. The Bond is filed for the benefit of consumers who may be damaged as a result of defective construction or other license law violations, and for the benefit of employees who have not been paid wages that are due to them. Construction professionals sometimes misunderstand the purpose of contractor license Bonds by assuming the coverage protects themselves. However, Surety Bond insurance is not the same as traditional insurance policies. This type of Surety Bond actually protects the general public by guaranteeing that construction professionals will adhere to whatever stipulations are found within the Bond’s legal language. By purchasing contractor license Bonds, construction professionals agree to work according to certain regulations, thus protecting government agencies and consumers from potential financial loss.
Florida Contractor Bond-Winter Park ($5,000) Contractor License Bond – Contractors are required to post a license or permit Bond before they can legally do business in Cities or Towns in the State of Florida. License and permit Bonds in Florida are issued as per the requirements in the State of Florida to make sure that someone performs business properly.
Georgia Residential and General Contractors Bond ($25,000) A Contractor Bond is a type of surety bond used by investors in contractor projects to protect against disruptions or financial loss due to a Contractor failure to complete the project or to meet contract specifications.
South Carolina Mechanical Contractor Bond Group 1 ($7,000) Effective May 2018, the Contractor 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: $20,000 Group 3 Mechanical Contractor Bond: $40,000 Group 4 Mechanical Contractor Bond: $80,000 Group 5 Mechanical Contractor Bond: $400,000 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 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 Licensing Board Synergy Business Park; Kingstree Building 110 Centerview Dr. Columbia, S.C. 29210
Are you confused about what a contractor license bond is and why it’s important? Understanding the world of surety bonds can be overwhelming, but contractors must have the proper licensing and bonding.
In the construction world, contractor license bonds are a common requirement. These bonds serve as a form of protection for clients and the public, ensuring that contractors adhere to all regulations and fulfill their obligations. They instill confidence in clients that their contractor is licensed, qualified, and financially secure.
A contractor license bond is a legal and financial contract between the contractor (principal), the client or project owner (obligee), and a surety company. This bond guarantees that the contractor will complete the work as agreed and comply with all laws and regulations. Failure to do so can result in claims being made against the bond, leading to financial consequences for the contractor.
If you are a contractor or planning to become one, understanding the intricacies of contractor license bonds is vital.
The consequences of not having a contractor license bond in place can vary depending on the state or jurisdiction. However, some expected consequences include:
In addition to these legal consequences, there are other potential consequences of not having a contractor license bond. For example, you may have difficulty getting financing for your business, or you may be viewed as less credible by potential clients.
If you are considering hiring a contractor, it is essential to ensure they have a valid contractor license and a bond in place. This will help to protect you from financial losses if something goes wrong with the project.
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