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Montana Contractor License Bond

Contractors are subject to various rules and regulations at the state, county, and local levels throughout Montana. As part of these mandates, some contractors are required to have a Montana contractor license surety bond – they can't work legally without one. Learn how this surety bond type works in the sections below.

How Does a Montana Contractor License Bond Work?

When someone is required to get a surety bond before being granted a contractor's license in Montana, they become liable for following all applicable laws. If they break the law and it causes financial damages, the person that suffered the losses may file a claim for compensation against the surety bond. The bond agreement makes the contractor liable to pay all valid claims.

However, the agreement also stipulates that the bond company will settle any claims the contractor refuses to. When that happens, the contractor must repay the bond company the full settlement amount (plus interest and fees) or else he/she will lose bond coverage and face a potential lawsuit. Surety bond requirements create a financial incentive to follow the law by holding someone financially accountable when claim situations occur.

Montana Contractor License Bond Requirements

The only type of contractors required to get a Montana contractor license bond at the state level are water well diggers. Individuals need a bond with $4,000 coverage while corporations, firms, or partnerships need one with $10,000 of coverage. However, other contractors may need contractor license bonds at the local level in certain Montana municipalities. Rely on Viking Bond Service for any and every surety bond requirement that comes up.

How to Get a Montana Contractor License Bond

The application process involves just a few simple steps:

  • Complete a bond application
  • Agree to a credit check
  • Provide additional documentation as necessary

The surety quotes the surety bond cost based on the application materials. Once that cost has been paid, the bond coverage activates, and the bond company provides a document proving the Montana contractor's license bond requirement has been met.

The Cost of a Montana Contractor License Bond

Surety bonds in Montana cost a small percentage of the coverage value, with final costs ranging higher or lower depending on the bond seeker's credit score. That means a surety bond with $4,000 in coverage often costs just a couple hundred dollars. Worried about credit? Viking Bond Service has a bad credit surety bond program designed just for you.

How Long Does a Montana Contractor License Bond Last?

12 months in most cases. Having active bond coverage is a requirement for keeping a Montana contractor's license valid, so bond coverage must be renewed before it expires. The bond company will recheck credit at the time of renewal – any changes since the last renewal could lead to higher or lower costs than before.

Montana Contractor License Bonds From Viking Bond Service

Meet any Montana contractor's license bond requirements the easy way – with Viking Bond Service. Request a quote at any time, from anywhere. Or get more info directly from our bond experts. Contact us with questions or call 1-888-2-SURETY (1-888-278-7389).

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