Oregon Continuing Education Provider for Residential Contractors Bond - $20,000.00
Residential Contractors are a crucial part of the construction process as they manage projects from the beginning of construction until the completion of the project; hence, in the State of Oregon, business or Continuing Education Providers are required to file for a $20,000.00 Continuing Education Provider for Residential Contractors Bond.
What is a Continuing Education Provider?
The Continuing Education Provider prepares, handles, and executes the courses offered to the Continuing Education students, as approved by the Construction Contractors Board (CCB). Before they could begin with the courses, the Continuing Education Provider obtains approval from the CCB and submits requirements such as business license, a pre-requisite which can only be obtained and activated upon the issuance of a surety bond.
For more information on the process of becoming a Continuing Education Provider, you may visit the Oregon government website here.
What is the Continuing Education Provider for Residential Contractors Bond?
Pursuant to Oregon Laws 2013, Chapter 718, and Oregon Administrative Rules chapter 812, Division 22, the State of Oregon requires Continuing Education Providers to secure a $20,000.00 bond with the state’s Construction Contractors Board. The bond protects the State of Oregon Department of Construction Contractors Board by securing an “insurance” with a certified surety bond company that will guarantee the public’s compensation for potential licensing infractions such as damages, accidents, or defaulting.
If you are interested to know more about the Oregon Construction Contractors Board Continuing Education, you may visit their official website here.
How does it work?
The Oregon Continuing Education Provider for Residential Contractor Bond must be issued by a surety bond provider certified by the Oregon Department of Insurance. The parties in the agreement are the Principal (business or permittee), Obligee (State of Oregon Construction Contractors Board), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Surety Company will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet scheduled taxes and fees or violate any other licensing provisions. The Surety Company will receive and assess the validity of all public claims where claims may only amount to the total penal sum arranged in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
The Bond Company is secured through an indemnity agreement as the permit applicant or licensed business will ensure the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond.
How does it cost?
Depending on the employer’s credit score, industry experience, business history, and the surety provider’s background, the Continuing Education Provider for Residential Contractors Bond will normally cost between $300 and $1,000.
How can I apply for this bond?
At Surety Bond Authority, we are committed to help you get your bond the fast and easy way. Follow our step-by-step procedure to help you get started.
If you want to secure your Continuing Education Provider for Residential Contractors Bond early, make sure to transact with a reputable surety carrier. You can APPLY HERE and the surety bond agent will guide you through the process of application until the issuance of your bond.
For the assessment, our underwriter will require the following information:
- Nature of your business
- Credit Score
- Financial strength
For a speedy processing of your bond application, make sure that you have collected and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time.