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We provide fast and easy bonding services throughout California. License bonds are our specialty, but we also have competitive rates on bid and performance, Qualifying Individual, Roofing License, and Swimming Pool Bonds. Contact our specialists today with your surety needs; you'll be glad you did!
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With the downturn in the construction industry over recent years, many contractors ended up with poor credit as a result. We recognize your unique needs and offer programs that enable us to accept 99% of candidates, regardless of your credit rating. Take advantage of our competitive financing option to reduce your out of pocket expense.
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My credit took a major hit when the economy crashed and I could no longer afford my renewal due to bad credit. Contractorbond.org was able to find me a provider at a fraction of the cost and a low down payment."
Frequently Asked Questions
Who does a Contractor Bond Protect?
A Surety bond is a formal agreement between the State of California and a surety company that a contractor will uphold license law. (B&P Code Section 7000)
Contractors are to abide by the rules and regulations set forth by the CSLB to avoid disciplinary action against their license. In the event a contractor does not comply with state law, a claim may be filed with the surety company by a customer, supplier or employee.
For Example, If a contractor were to take a deposit from a homeowner and does not finish the job as specified in their contract, the homeowner may then file a claim on the license bond.
What Parties are Involved in a Surety Agreement?
There are three parties involved in a bond:
1. The principle who is the contractor who purchased the California contractor license bond to meet their CSLB requirement
2. The Obligee who is the government or state agency that requires the bond for the license to be issued.
3. The Surety Company who issues the bond. The carrier provides the financial promise to ensure the contractor will abide by the laws set in place by the State.
What Bond Amount is Required in California?
Effective January 1st, 2016, the California Contractors State License Board (CSLB) increased the required bond amount from $12,500 to $15,000.
This amount is not per project but is the total amount of all jobs the contractor takes on during the time the bond remains effective. Contractors who have violated California Law may also be subject to a separate disciplinary bond. The amount and time requirements of disciplinary bonds are unique to each contractor's situation.
Always abide by the law to avoid the high costs associated with penalties and subjecting your license to suspension.
How is a Bond different than Insurance
Many contractors confuse a surety bond with insurance, but there is a distinct difference between the two.
One of the primary reasons bond pricing is based heavily upon your individual credit history is because a contractor is liable for their actions and will have to repay the surety company in the event a claim is paid out.
When a claim is paid out on an insurance policy, the carrier does not expect payment in full from the policyholder.
Click here for more information on CSLB Bonding Requirements.