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South Carolina Surety Bonds

State: South Carolina Surety Bonds

South Carolina Mechanical Contractor Bond Group 3

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

South Carolina Supply Bond

A supply bond guarantees a supplier will be able to provide the materials needed to fulfill the contract between the supplier and purchaser. This bond will reimburse the purchaser should the supplier not complete the terms of the contract.

South Carolina Indigent Bond

South Carolina Indigent Bond An Indigent Bail Bond may be issued by a Judge or Administrative Court Official who deems a person or persons to be indigent and cannot afford bail on their own accord. The County, State, or Federal Corrections Facility may purchase this bond from a properly licensed and appointed bail agent or by submitting a request online, at which time the bond would be transferred to a properly licensed and appointed bail agent. The premium of insurance for the bond liability of $1,500.00 is set to $150.00 for which the jurisdiction will be invoiced upon execution of the bond. This bond will allow the correction facility to be relieved of the daily cost to house such person or persons who need assistance while allowing the person or persons to be released on guidelines and accountability. In the event the person or persons should fail to appear in court, upon proper notification, a forfeiture may be issued under current bail laws within the state.

South Carolina Manufactured Home Salesperson Bond

South Carolina Manufactured Home Salesperson A Manufactured Home Salesperson Bond is required in the state of South Carolina by the Manufactured Housing Board for anyone that is seeking a license as a Manufactured Home Salesperson. This Bond guarantees that the applicant (Licensee) will comply with the duties of the license and will conduct business within the law. This bond must coincide with your license expiration date and will expire on June 30 of each even year.

South Carolina Mechanical Contractor Bond Group 5

South Carolina Mechanical Contractor Bond Group 5 ($400,000) 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

South Carolina General Contractor Bond Group 1

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)

South Carolina General Contractor Bond Group 2

South Carolina General Contractor Bond Group 2 ($80,000) 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)

City of Greer SC Stormwater Performance Bond

The purpose of this bond is to guarantee the completion of the storm water management facilities pursuant to the requirements set forth in Greer City Code Section 90-363; to maintain sediment and erosion controls according to the Review Complete Plans; and, to maintain and operate stormwater management facilities for the project pursuant to Greer City Code Section 90-361

South Carolina Performance Bond

A performance bond guarantees performance of the terms of a contract.These bonds frequently incorporate payment bonds (labor and materials) and maintenance bonds. Bonding ultimately aims to protect the project owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions. A payment and performance bond can be purchased together at the same time at a discounted premium.

South Carolina Permit Bond (County of Spartanburg)

South Carolina Permit bond (County of Spartanburg) A surety bond is required in order to secure a permit for work along public highways or other public roadways. The permit may be required for excavation, grading, sidewalk, encroachment, maintenance or other roadway work. The bonds typically ensure work is completed in compliance with specifications and contract documents.

Understanding South Carolina Surety Bonds

Surety bonds are an essential part of many industries, including construction, finance, and transportation. In South Carolina, surety bonds play a crucial role in ensuring that businesses and individuals fulfill their obligations and protect the interests of the public. However, understanding the intricacies of South Carolina surety bonds can be challenging. In this blog post, we will provide a comprehensive overview of South Carolina surety bonds, including their types, requirements, and benefits.

Types of South Carolina Surety Bonds

There are several different types of surety bonds that are commonly used in South Carolina. The most common types include license and permit bonds, contract bonds, and court bonds. Each of these bonds serves a different purpose and has specific requirements. Let’s take a closer look at each type of South Carolina surety bond.

Requirements for South Carolina Surety Bonds

Before a surety bond can be issued in South Carolina, there are certain requirements that must be met. First, applicants must pass a credit check and provide financial statements to demonstrate their ability to pay the bond amount. Applicants must also provide a signed agreement with the surety company that outlines the terms and conditions of the bond. Additionally, an applicant must be at least 18 years old and must not have any criminal convictions.

Benefits of South Carolina Surety Bonds

Surety bonds provide a number of benefits to individuals and businesses operating in South Carolina. These bonds provide protection to those who are obligated to comply with certain laws, regulations, or contractual obligations. By obtaining a surety bond, businesses in South Carolina can demonstrate their trustworthiness and reliability to their clients and customers, while protecting themselves from potential financial losses. Additionally, surety bonds give businesses and individuals the peace of mind that comes with knowing they are in compliance with the laws of South Carolina and are protected from potential financial losses.

Conclusion

Understanding South Carolina surety bonds is crucial for businesses and individuals operating in the state. By familiarizing themselves with the different types of surety bonds, the requirements for obtaining them, and the benefits they offer, individuals can make informed decisions and protect their interests. Whether it’s obtaining a license and permit bond or a contract bond, working with a reputable surety bond producer is essential to ensure compliance with South Carolina regulations and secure the necessary protection.