To determine the exact amount you will be required to pay for your surety bond, it is vital you contact a surety firm. For instance, if you have a good credit history, you may be required to pay 1-5% of the amount of bond unlike when having a poor credit score whereby you could end up paying up to 20 %.
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Several factors will determine the price you will be required to pay for your surety bond.
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Some of the details the surety provider you link up with will require from you include your personal financial history and professional work experience among others. When shopping for a bond, it is ideal you consider collaborating with a surety bond provider that provides bonds nationwide as it will enable you to secure an expert that can bond you regardless of what state you opt to work in. Ensure therefore you enquire from the project owner or the government agency about the surety bond form you require before applying for one. This is important since the type of surety bond needed differs from one state to another. Tip#1: Verifying the Kind of Surety Bond you Requireīefore you strike a deal with a surety provider, it is vital you are aware of the specific kind of surety bond you require. *More attractive to subcontractors, suppliers, and employees Benefits of a Contractor BondĪs a result of the assurance offered, bonding a contractor any time you are having any form of construction task presents many merits including: Generally, the contractor bond offers assurance to the owner of the construction project of concern that the hired contractor will perform his or her role following the terms specified in the agreement. When contractors vie for construction jobs, they are normally needed to put up a construction bond. Also known as a surety bond, a $15,000 California contractor bond refers to a surety bond that is required by the CSLB to offer protection against financial losses or disruption related with failure by the contractor to adhere to contract specifications or to finish the job as specified in the terms of the agreement.
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The qualifying individual MOHAMMED WAJAHAT SHEIKH certified that he/she owns 10 percent or more of the voting stock/membership interest of this company therefore, the Bond of Qualifying Individual is not required.Date: ApPosted By: Mario Ramos Category: Bonds How to Get a California Contractors BondĪre you planning to undertake any form of construction and desire to learn about how to get a contractor bond? If so, this write-up will provide crucial tips that will unquestionably prove helpful with your needs. LLC Employee/Worker Bond History Bond of Qualifying Individual
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This license filed a LLC Employee/Worker Bond with GREAT AMERICAN INSURANCE COMPANY. This license filed a Contractor's Bond with WESTERN SURETY COMPANY.Įffective Date: Contractor's Bond History LLC EMPLOYEE/WORKER BOND
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DISCLAIMER: A license status check provides information taken from the CSLB license database.