How much does a contractor license bond cost in New Mexico?
The New Mexico Construction Industries Division requires contractors to post $10,000 contractor license surety bonds prior to working within the state.
SuretyBonds.com issues these bonds instantly for just $95 without underwriting. Simply click Buy Now to safely purchase your bond online via our secure bond checkout. It only takes a few minutes to be on your way to being bonded as a contractor in New Mexico.
|Bond Type||Bond Amount||Cost|
|$10,000 Contractor License Bond 1-Year Term||$10,000||$95|
Why do I need this bond?
New Mexico contractor license bonds obligate the principal (contractor) to comply with all of the requirements of NMSA 1978, Section 60-13-43 and complete all construction work according to the building codes stated in NMAC Title 14, Chapters 7 through 10. If the state finds that the principal has performed construction work violating these terms and the principal fails to correct the work after being given a reasonable opportunity to do so, the surety will cover damages suffered by any consumer as a direct result of the contractor’s actions. The contractor, in turn, must reimburse the surety for damages paid out.
What’s the fine print?
The aggregate liability of the surety cannot exceed the penal sum of the bond.
New Mexico contractor license bonds are continuous in form, but the surety can choose to cancel the bond at any time by giving written notice to the Regulation and Licensing Department 30 days prior to the effective date of cancellation or 30 days after the surety receives written notice requesting cancellation from the department.
How to become a contractor in New Mexico
The first step toward obtaining a contractor’s license in New Mexico is to determine the classification of license and/or certificate you need to do the work you’re planning to perform. License classifications are listed in the New Mexico Administrative Code, Title 14 Chapter 6 Part 6.
Applicants must submit the completed packet with the correct application, certificate and license fees. The packet must include all of the following information:
- Completed contractor license application
- Copy of valid qualifying party certificate, or copy of exam score showing passing scores on exam(s) for application classification(s)
- Proof of financial responsibility
- Proof of current New Mexico Tax ID number application with official stamp or registration certificate
- self-addressed envelope large enough and with sufficient postage to return your application materials if the application is rejected
All licenses remain effective for three years from the date of issuance.
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