Jacksonville Right of Way Surety Bond
Surety Bond
Surety Bond
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 ($60,000)
Group 3 General Contractor ($150,000)
Group 4 General Contractor ($250,000)
Group 5 General Contractor ($350,000)
Secure your business with an East Point Tradesmen Contractor Bond. This surety bond protects your clients and ensures you comply with regulations.
Valdosta Electricians Bond ($2,000) The City of Valdosta (Electrician) Surety Bond is required by the state of Georgia, City of Valdosta. The Bond amount required is $2000. This Bond stipulates the principal has been or is being licensed as a master tradesman or contractor as a plumber. This Bond guarantees the principal will comply with all regulations and provisions of the City of Valdosta otherwise the principal will promptly pay all fines and penalties.
Tennessee-Building License Permit Bond-City of Johnson City The City of Johnson City – Building License Surety Bond is required by the state of Tennessee City of Johnson City. The Bond amount (Penalty) required is $10,000. This Bond is required of principals that have applied for a license as a building contractor from the City of Johnson City. Therefore the principal is required to adhere to all laws pertaining to construction which shall indemnify the obligee from all claims due to negligence from the principal or the principal?s employees. The principal will also be required to comply with all local and state laws.
Louisiana Generic Contracor License Bond (County) Throughout Louisiana various Parishes have different requirements governing the licensing of contractors doing work in a particular parish. This bond is structured to cover any individual parish in which a contractor wishes to work. This bond does not cover all parishes within Louisiana, but only one. A seperate bond may be required if a contractor wishes to work in more than one parish.
Effective May 2018, the Contractor’s Licensing Board will accept a South Carolina Mechanical Contractor surety bond in place 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 instead of a financial statement for 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 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 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’s 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’s Licensing Board
Synergy Business Park; Kingstree Building
110 Centerview Dr.
Columbia, S.C. 29210
Augusta-Richmond County Commercial Contractor License Bond ($20,000) The City of Augusta, Richmond County Contractors License Surety Bond is required by The City of Augusta, Richmond County. This Bond is required if the principal wishes to carry out business of Gas Fittings, Electrical, Heating & Air Conditioning, and General Contracting or similar business in the City of Augusta, Richmond County. It guarantees that the licensee (Principal) will faithfully comply with the laws of The State of Georgia.
Effective May 2018, the Contractor’s Licensing Board will accept a South Carolina Mechanical Contractor surety bond in place 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 instead of a financial statement for 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 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 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’s 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’s Licensing Board
Synergy Business Park; Kingstree Building
110 Centerview Dr.
Columbia, S.C. 29210
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.
Meridian, MS. Street Obstruction Bond A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal’s failure to meet the obligation. As the obligee, the City of Chattanooga requires such a bond for contractors doing specific work within the city.
Tennessee-City of Knoxville-Plumbing Contractor Bond ($10,000) The City of Knoxville Plumbing Contractor Surety Bond is required by the City of Knoxville, Tennessee. The Bond amount (Penalty) required for this Bond is $10,000. This Bond indicates the principal has applied for a license to do business as a plumber in the City of Knoxville, Tennessee. Therefore the principal will be expected to faithfully abide by all rules and regulations of the City of Knoxville and all permits for work issued to the principal. The principal will also be expected to comply with all local and state laws.
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.
75 Port City Landing #130
Mt. Pleasant SC 29464
