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If you’re planning to start a business in California, you will have to pass the California Contractor Bond Requirement. It is important to understand what this means for you. Fortunately, there is plenty of information available on this topic.
Cost of Bonds
The cost of bonds for California contractors varies greatly. For example, the average annualized premium for a $100,000 bond for a well-qualified applicant is under $100, while the same contractor’s bond with a poor credit score could be higher than $3,000. Fortunately, it is possible to shop around for the best rates.
You can get a quote online from Surety First, a leading provider of contractor bonds. Simply enter your information and they will provide you with an instant quote. They also offer a no-obligation purchase option. Once you have received your quote, you can easily complete the application.
Bonds for California contractors are required by the Contractors State License Board (CSLB) to ensure that contractors are complying with California law. Contractors with suspended or revoked licenses are also required to purchase a disciplinary bond.
Surety Bonds
In California, contractors need to post surety bonds to comply with state law. This type of bond protects the public from licensed businesses that break the law. CSLB, the California Contractors State Licensing Board, is responsible for determining whether or not a contractor has the appropriate account.
California’s “Little Miller Act” requires contractors to purchase payment and performance bonds to ensure timely completion of jobs. These bonds compensate parties that lose money due to contractor non-compliance.
The amount of your surety bond will vary depending on your credit rating and your p… Read More
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