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Contractor bond cost

New York contractors are required to execute a surety bond before working on contractor-related projects within the state. The amount required, length of the bond term, and cancellation clause all vary according to the local municipality responsible for the contractor requirements.

The majority of the contractor bonds available in New York can be instantly issued, meaning there is no credit check required and all applicants qualify for a flat rate. Several of the riskier bonds are credit-based, which mandate the submission of your credit report for review. However, you can still obtain a free quote for these bonds if you choose Surety Bonds.

Contractor bonds

Contractor bonds keep the principal (contractor) liable in the event that there is a failure to uphold the terms of the bond. A bondholder is expected to operate in accordance with the rules and regulations specified in the bond. If the principal does breach the contract, whether through performance or some other manner, the obligee can file a claim against the bond. Valid claims require the surety to cover for incurred damages on behalf of the obligee, up to the penal sum of the bond. However, the principal must pay the surety the equivalent amount of money in a timely manner.

The New York City Buildings Department provides some general qualifications for contractors. To become a licensed contractor, you must be at least 18 years of age and able to read, write and understand the English language.

The bond’s length will vary by bond type, but most contractor bonds generally expire once the license expires. Cancellation clauses will also vary by bond type. The specific requirements for licensure will vary according to the municipality in charge of contractors in your area. The following includes requirements typically found for contractor licensure:

  • License fee
  • surety bond
  • License application form
  • Proof of Employer Identification Number or Federal Tax Identification Number
  • Original general liability insurance policy
  • Principal’s photo ID, SS card, proof of home residence
  • Background fee

Visit the “Additional information” section below to find more information regarding your specific New York contractor bond and licensing requirements.

Apply for your surety bond

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Additional information

Hempstead, NY – Plumbing Bond:

Hempstead, NY – Sewer & Drain Opening Bond:

Ramapo, NY – Sewer Contractor Bond:

Westchester, NY – Plumbing Contractor Bond:

Buffalo, NY – Plumbing Contractor Bond:

New York City, NY – Home Improvement Contractor’s Bond:

Putnam County, NY – Contractor Bond:

Putnam County, NY – Home Improvement Contractor Bond: