What is Utah Contractor License Bond?
Know the what, why, and how of this bond today!
A surety bond is a licensure prerequisite for contractors and licensees who are renewing their contractor’s license in the State of Utah.
The requirement is enforced by the Utah Division of Occupational and Professional Licensing in pursuance of Title 58 Chapter 55 Part 3 of the Utah Code Annotated or the Utah Construction Trades Licensing Act.
What is the bond amount?
The bond amount is $50,000.
If you have an excellent credit score, you may be eligible to pay a very low bond premium or just 1% of the total bond amount!
Find out you need to pay for this bond today! Get your FREE quote here!
What are the Contractor License bond conditions?
- The bond should be issued by a corporate surety who is authorized to conduct business within the state and is licensed by the Utah Department of Insurance
- The surety bond will be made payable to the State of Utah
- The Contractor license applicant should comply with the provisions of Title 58 Chapter 55 of the Utah Code Annotated or the Utah Construction Trades Licensing Act, the rules and regulations of the Construction Services Commission as well as the Utah Division of Occupational and Professional Licensing
- If the licensee commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
- The surety should be written on the form approved by the Construction Services Commission
- In case of cancellation, a 60-day notice is required
How can I obtain a Contractor License bond?
In order to secure this type of bond, the Contractor license applicant or a licensee who is renewing his or her contractor’s license must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Ready to get started on this bond? Apply here today!