What is the New Mexico Modular Structure Certificate Bond?
The New Mexico Modular Structure Certificate Bond is a requirement of the Construction Industries Division of the New Mexico Regulation and Licensing Department that needs to be complied with by all practitioners engaged in the construction, assembly, and manufacturing of modular structures.
The bond is also an explicit guarantee that contractors, assemblers, and manufacturers will not use storage sheds and similar structures as residential units for human occupancy.
This bond is likewise a tangible assurance that professionals in the construction industry engaged in the building of modular structures will adhere to all applicable codes and standards provided within 188.8.131.52 NMAC and the guidelines stipulated under NM state construction codes.
Why do you need the New Mexico Modular Structure Certificate Bond?
You need a New Mexico Modular Structure Certificate Bond because you want to enhance your image, add prestige to your name, and be known as a reliable modular structure builder. You also need this bond for you to shield your business name from dishonest acts committed by your employees.
Likewise, the bond can make your company appear very attractive to customers because they will naturally want to hire the services of a modular structure builder firm that they can trust. Finally, the New Mexico Modular Structure Certificate Bond can assure you the peace of mind you need knowing fully well that if an employee conducts himself in an unethical manner, the aggrieved client or partner can demand financial damages without harming your business assets.
More details about the New Mexico Modular Structure Certificate Bond
As a demonstration of financial responsibility, this bond shall be filed with the division and must be accomplished by a legitimate surety bond agency authorized to do business within the state of New Mexico.
What is the cost of the New Mexico Modular Structure Certificate Bond?
The New Mexico Modular Structure Certificate Bond amount is determined by the category of the structure being constructed. For those who solely build residential units, the bond amount is $5,000. However, if the builder constructs both commercial and residential structures, the necessary bond amount is $20,000.
How can I get the New Mexico Modular Structure Certificate Bond?
Procuring this bond is effortless. For faster processing and reliable outcomes, be wise in choosing a legitimate surety bond agency by researching and checking on their background and track record. With a dependable surety organization behind you, protecting your business, your clients, and your shareholders will be easy and economical.