A surety bond may be required of residential and commercial contractors in Oregon. The bond penalty amount varies from $10,000 up to $75,000 depending on the classification of the contractor seeking licensure. These bonds are required to be in force as an additional level of protection for Oregon property owners that hire construction contractors for specific jobs.
The price of these CCB surety bonds is largely based on the contractor’s credit standing while some consideration may be given to financial standing as well. Typically, the better the credit of the applicant, the lower the price of the bond will be. A well qualified contractor can receive rates as low as 1.5% of the bond amount.
Getting quoted for the CCB surety bond is easy. Quotes are typically returned within 24 hours after completing an application. Complete the online application or contact form and an agent will contact you to get your bond request moving forward.