The Contractors State License Board of California requires contractors to have in place an active $15,000 surety bond. The bond is a requirement for new licensure, license renewal and reactivation of a license.
A Bond of Qualifying Individual may also be required for some contractors. These bonds, when required, are in addition to the contractors bond. The required bond amount on these bonds is $12,500.
The CSLB also has one additional bond requirement for contractors, the Disciplinary bond. This bond is required to reinstate or reissue a license that was revoked due to a violation of CA Contractors License law. The Disciplinary bond amount is determined by the Registrar. The amount can range from $15,000 to $150,000. The Registrar requires these bonds to be current for at least 2 years.
CA Contractors bonds are typically very easy to obtain. Once the exact bond requirements for a specific contractor have been determined, applying and getting a quote for these bonds usually takes no more than a day.
The cost for these contractors bond is based on the credit standing of the applicants. In most cases, challenged credit can be accepted. The financial standing of the applicants may also be considered when generating a quote. Because rates are credit based, they can vary widely. A well-qualified applicant can receive quotes below 2% of the bond amount for this bond type.
Rates for this type of surety bond are annual.
Viking can get you from bond application to bond in hand quick and easy. We work with both good and bad credit clients. Get started here.