To obtain a California contractor’s license, you’ll need to determine which specific license you need, fill out an application, pass an exam, and submit supporting documents. This guide for general or speciality contractors getting their new business started in California — or looking to expand...
Find out what an excavation bond is, how much they cost, and how to get a quote for one today. Learn about excavation bonds from the contracting pros!
Many construction contractors earn a degree to fulfill the experience requirements for a contractor license. In some states, a bachelor’s degree is the minimum education needed. If you go this route, take coursework in architecture, engineering, project planning, and construction management. You'll...
If you need this type of protection, look for business service bonds or third-party fidelity bonds, which specifically protect a business’s customers from losses due to theft. » MORE: Insurance and bonding for cleaning businesses If you work as a contractor or consultant: Clients may request...
The Bid Bond prequalifies the principal and provides the necessary security to the owner or general contractor, or “obligee,” guaranteeing that the principal will enter into the contract, if it is awarded. How Do They Work? A Bid Bonds guarantee that the “obligee” will be paid the ...
Is getting a contractor’s license really worth the time and effort? The short answer is — yes! If you’re considering getting a contractor’s license, good for you. It pays to get an official stamp of approval from the state. Once you complete the requirements, you’ll have a document...
“If there’s a bonding requirement from either the contractor or their general contractor as part of the issuance of the bond,” he said, “the contractor’s surety is usually going to want to see some kind of evidence of financing before assuming the risk and issuing the bond....
How to get a general contractor license in Illinois In Illinois,general contractors are not licensed at the state level— each city or county sets its own licensing rules. However, they do need toregister their business with the Illinois Department of Revenue. In addition,contractors that plan ...
Example of Surety Bond Let us assume that a local authority (the obligee) had floated a tender to construct an office building. The management hired ABC Partners (the principal) based on their technical expertise. According to local regulations, the contractor must provide a performance bond to...
A performance bond isan agreement between three parties, as explained below. Theprincipal(usually a contractor), is the person or company who is providing a service. Theobligeeis the party that is paying the principal to perform certain work. ...