Contractor license bond cost
The required amount of North Carolina contractor license bonds varies depending on the type of construction work and the city in which work will be done. In Greensboro, North Carolina, electrical, plumbing, heating, air conditioning, mechanical, refrigeration, HVAC and concrete contractors must post a $2,000 bond.
Every applicant licensed as a demolition, grading or house moving contractor in Greensboro must post a bond in the amount of $5,000. In Winston-Salem, North Carolina, the required bond amount is $2,500 for both heating and electrical contractors. Street, bridge and sidewalk contractors in Winston-Salem must post a $20,000 bond.
Why this bond
Grensboro, North Carolina, contractor bonds protect the city from all losses or damages caused by a contractor’s negligence or failure to comply with the terms set in the city’s ordinances, rules and regulations.
Winston-Salem street, bridge and sidewalk contractor bonds ensure that contractors comply with the specifications surrounding the general repair, construction or other work in designated areas and that all work will be completed soundly and according to code. By posting this bond, the contractor agrees to cover all damages if street excavations and pavement installations are flawed.
Winston-Salem heating and electrical contractor bonds ensure that contractors adhere to all terms set in the city’s ordinances. Specifically, this bond protects the city from losses or damages to the water and/or sewer system, the streets or other property the city might be liable for.
Contractor license bond details
All of the contractor license bonds listed above are continuous until canceled. To cancel the bond, the surety must submit written notice of the impending cancellation to the city at least 30 days prior to the desired termination date.
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