America's Preferred Provider for All Types of Surety Bonds

Call Us: 888-278-7389

Request a Quote Email Us Viking Bond Service Video Page

New Mexico Contractor License Bonds

Every licensed contractor in New Mexico is required to carry a surety bond of $10,000. The New Mexico contractor's license bond is mandated in Statute 60-13-12 and required of all contractors who do more than $7,200 in total work in a given year.

How Does Contractor License Bond In New Mexico Work?

A New Mexico contractor's license bond protects the state and the customer from fraud or unsafe practices by contractors. Contractor surety bonds guarantee that a bonded contractor will follow all state and local laws and regulations. The bond creates both a financial incentive for the contractor to follow the law and a recourse mechanism for any damaged party.

If someone alleges a contractor failed to complete the contract or did so in an unsafe or illegal manner, they may file a claim against the New Mexico bond. The surety company that underwrites the bond launches a thorough investigation. If the surety finds the claim is baseless, they dismiss the complaint. If they find the contractor was at fault, the surety pays the claim up to the bond's full value. Then, the surety seeks repayment from the bonded contractor.

New Mexico Contractor License Bond Requirements

In New Mexico, all general contractors doing more than $7,200 annually must carry a $10,000 bond. Additionally, contractors who perform the following must also obtain New Mexico contractor license bonds:

  • Excavating
  • Air conditioning or heating
  • Electrical work
  • Building structural work
  • Plumbing projects
  • Mechanical work
  • Specialty contractors

How to Get a Contractor License Bond in New Mexico?

Viking Bond Service streamlines obtaining a surety bond like a New Mexico contractor license bond into three simple steps:

Next, we will send you a competitive quote ASAP. Once you pay the premium, we'll send you the bonding verification so you can get to work.

The Cost of Contractor License Bond in New Mexico

A surety bond's cost is a small fraction of the bond's value, typically between 1-5% per year. The contractor's credit determines the premium on a New Mexico contractor license bond. With sterling credit, the bond is 1% of $10,000 or $100. The weaker the credit score, the higher the premium, but we work with you to help you get bonded as affordably as possible.

Why Are Contractors Required to Be Bonded in New Mexico?

Contractor work routinely involves enormous sums of money while creating significant safety hazards. Further, the results must stand for years without hidden weaknesses causing future damage. New Mexico contractor's license bonds protect investors, the state, and the public from fraudulent or unsafe practices on the part of contractors.

How Long Does a Contractor License Bond in New Mexico Last?

A New Mexico contractor license bond is valid for three years, at which point it must be renewed. If your credit rating improves during the life of the bond, your premium may be lowered for the renewal.

Get Your New Mexico Contractor License Bond Quote Today

Viking Bond Service is your partner for any type of surety bond. Request a quote online or give us a call at 1-888-2-SURETY (1-888-278-7389). We look forward to assisting you.

Free Quote
No Obligation

Name: First Name: Last Name: Phone: Email: Type of bond needed:
Amount: Bond State:
Are You (Choose): How did you find us?: Message Subject: Comments:

Viking Bond Service does not share or release email addresses, phone numbers or ANY other personal information to unauthorized third parties. Information is used for underwriting purposes only. View our Privacy Policy

Get Started:

Call Us: (888-278-7389)
More About Surety Bonds:
Bad Credit Surety Bond Program

Quotes are available for clients with low credit. In many cases, a bond is not out of reach simply due to bad credit.

Avoid Fraudulent Bonds. Work with a Certified Surety.

The cost and complications of fraudulent surety bonds are avoidable. Learn how to eliminate your risk.

Need an Auto Dealer Bond Quote?

Viking offers fast quotes and great rates for Auto Dealer Bonds nationwide.

What is a Medicare Bond?

A Medicare Bond is required of some durable medical equipment suppliers who accept Medicare payments. Learn more and get a quote here.

FaceBook LinkedIn Twitter Manta FourSquare Yelp

Get Started:

Call Us: (888-278-7389)


Viking Bond Service BBB Business Review NASBP Servis Key Surety Association of Arizona

Get Started:

Call Us: (888-278-7389)