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How much does the Arkansas CLB financial statement contractor bond cost?
Arkansas CLB financial statement contractor bond costs start at $375 annually. Your exact cost will be determined after a quick application review based on the bond amount required for your license classification. SuretyBonds.com can even offer $500,000 Arkansas financial statement bond amount approvals for a $5,000 annual premium without any personal or business financials.
Note this Arkansas contractor license bond is required for CLB state contractor licensing in lieu of a financial statement. Other Arkansas contractor bond types have different pricing.
How do I get a CLB financial statement contractor bond in Arkansas?
You can apply for your Arkansas contractor bond in lieu of financial statement online 24/7. Simply provide the following information for Arkansas Contractors Licensing Board filing approval.
- contractor licensee name
- FEIN tax ID number
- license type
Once your order has been processed, your official Arkansas financial statement contractor bond will be delivered to your email.
How fast can I get a CLB financial statement contractor bond?
Our industry-leading technology and responsive customer service team allow us to deliver your official Arkansas CLB financial statement contractor bond faster than any other surety company. Orders placed by 4 PM CST Monday-Friday are typically processed same-day. Your official bond documents will be delivered to your email.
If you have questions about Arkansas contractor bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the contractor license bond process so you can get back to running your business.
What is the CLB financial statement contractor bond?
Arkansas Code Annotated Section 17-25-304 requires licensed contractors provide a financial statement verifying their minimum net worth meets the state's minimum requirement or file a surety bond in lieu of the required financial statement. The state's official bond form is titled the “Arkansas Surety Bond in Lieu of Financial Statement” and specifically benefits any person damaged by an act of omission of a licensed contractor who performs construction or breaches their construction contract while furnishing labor, materials, or professional services. If a licensed contractor files this bond with the CLB, they must maintain it as long as they're licensed or until they submit a financial statement verifying they meet the state's minimum financial statement requirements.
Why is the Arkansas contractor bond in lieu of financials required?
This Arkansas Surety Bond in Lieu of Financial Statement is required for contractors who cannot - or choose not to - provide a financial statement that verifies their financials meet the state's minimum net worth requirements. By filing this bond you agree to perform and complete your construction work according to contract while furnishing labor, materials, or professional services. If you fail to do so, your issuing surety company will pay valid claims up to your full bond amount coverage, which you must reimburse in full. If you later decide to file the required financial statement with the CLB, you will no longer need to maintain this surety bond.
Who regulates licensing for contractors in Arkansas?
The Arkansas Contractors Licensing Board requires this bond for state contractor licensing in lieu of a financial statement. We also offer other Arkansas contractor bond types for separate state and city contractor licensing requirements.
What surety bond amount do I need in lieu of a financial statement?
The Contractors Licensing Board determines your surety bond amount based on your license classification. The follow surety bond amounts are listed on the state's official form.
- Specialty contractors need a $50,000 surety bond amount.
- Light building, mechanical, and electrical contractors need a $200,000 surety bond amount.
- Building, heavy, highway, railroad, airport, and municipal & utility contractors need a $500,000 surety bond amount.
How do I file my Arkansas contractor surety bond in lieu of financial statement?
The Arkansas Contractors Licensing Board official surety bond form specifically instructs you to mail your original bond signed by all parties to the CLB for processing.
Arkansas Contractors Licensing Board
4100 Richards Road
North Little Rock, AR 72117
Need a surety bond for a construction project in Arkansas?
Arkansas contractor bonds are required for licensing compliance. If you need a surety bond before you can begin work on an individual contracted project, you might need a bid bond, payment bond, performance bond, or other type of contract bond. If you work in states other than Arkansas, we also offer contractor license bonds nationwide.
How do I update or change my contractor license surety bond form?
If the Contractors Licensing Board requires your financial statement bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your name, address, or license type to match your official CLB contractor license filing.
How do I renew my Arkansas contractor financial statement surety bond?
You must renew your Arkansas CLB financial statement surety bond before its current term expires unless you file a financial statement that verifies you meet the state's minimum net worth requirements. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next license term.
How do you get a contractor license in Arkansas?
Learn How to get an Arkansas Contractor License by reviewing our comprehensive guide.
You'll need to submit the following documents to the Contractors Licensing Board 3 weeks prior to a board meeting for commercial contractor licensure review.
- completed application
- payment of the $100 filing fee made payable to the Contractors Licensing Board
- 3 references on the provided forms
- copy of Arkansas Business and Law passing test score
- compiled report from a CPA (if applicable)
- surety bond in lieu of financial statement (if applicable)
Applications, including all required documents, can be mailed to the Contractors Licensing Board.
Contractors Licensing Board
4100 Richards Road
North Little Rock, AR 72117