The Washington State Department of Labor & Industries requires a construction contractor to provide an active Continuous Contractor’s Surety Bond in order to obtain a license in the state of Washington. The bond requirement for general contractors is $12,000 while the requirement for specialty contractors is half that at $6,000.
These bonds are typically easily quoted. After a simple application has been received, quotes are usually returned in less than 24 hours.
Surety bond costs are generally based on the applicant’s credit standing. The better the credit is, the better the quoted rates will be. An applicant’s financial standing may be taken into consideration as well. Rates for the Washington Continuous Contractors bond are determined the same way. Well qualified applicants can receive rates as low as 2% - 4% of the bond amount.
The rate charged represents an annual cost. For every year the bond is to remain in force, payment is required to maintain the bond.
Applicants with bad credit can still get quoted for this bond. The rates for applicants with challenged credit are usually higher than a standard credit rate. As an applicant’s credit standing increases over the coming year/s, the bond can be reviewed or re-underwritten to attempt to gain a lower price.
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