Financial Guarantee: A non- cancelable indemnity bond, backed by an insurance company, which guarantees that principal and interest will be paid in compliance with the underlying contrac- tual agreement or promissory note. Financial guarantee bonds are used by debt issuers as a way of attracting investors.
For further details involving this bond, contact the obligee (City of Greenville) direct. Zoning: (864) 467-4476 Engineering: (864) 467-4400 Building Codes: (864) 467-4550 PLANNING AND DEVELOPMENT DIVISION CITY OF GREENVILLE P.O. BOX 2207 GREENVILLE, SC 29602
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)
Auto dealer Surety Bonds are required to guarantee the dealer operates per the terms of the state (see state specific rules and regulations). They are also referred to as a DMV Bond, used car dealer Bond, and MVD Bond. This Bond is required by the South Carolina Department of Motor Vehicles.
Surety Bond
South Carolina Manufactured Home Repairer Bond A Manufactured Home Repairer 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 Repairer. 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.
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
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
Surety Bond
Surety Bond
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.
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.
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.
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.
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.
75 Port City Landing #130
Mt. Pleasant SC 29464
