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How much do New Jersey contractor license bonds cost?
The cost of New Jersey contractor license bonds varies based on the amount of the bond and whether or not it has a fixed expiration, however, most of them are issued instantly for about 1% of the total bond amount. Surety bonds for electric generation service are an exception because they are subject to underwriting due to the large bond amount.
If you are interested in obtaining a license as a master HVACR contractor, visit our dedicated Master HVACR contractor bond page.
Purchasing your New Jersey contractor bond is easy when you work with the experts at SuretyBonds.com! Call 1 (800) 308-4358 or click here to get started.
Why does a New Jersey contractor need to be bonded?
New Jersey contractor license bonds are put in place to ensure that principals (contractors) comply with all state and local laws, as well as with the regulations of their specific trade. This includes adhering to all building codes, paying all taxes that become due and more. In most cases, these bonds protect the city/state and/or any individual who is harmed as a result of the principal’s noncompliance from financial loss up to the full amount of the bond. The principal must reimburse the surety for all damages paid out.
All New Jersey contractor license bonds have unique terms, so applicants should understand the fine print of their bond agreements during the bonding process. Our experts are here to answer any questions you have!