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How much does a contractor license bond cost in North Carolina?
Many contractors in North Carolina must be bonded before they can legally begin working in the state.The required amount of North Carolina contractor license bonds varies depending on the type of construction work and the city in which work will be done. Higher bond amounts are subject to underwriting, whereas other contractor bonds in North Carolina can be purchased instantly and cost as little as $100.
Some North Carolina contractors are licensed by the state, rather than counties or municipalities. Visit our dedicated pages for landscape contractor bonds and irrigation contractor bonds to learn more about why these bonds are needed and how much they cost.
What contractor license bonds are county and city-specific?
City of Greensboro Contractor License Bond
In Greensboro, North Carolina, electrical, plumbing, heating, air conditioning, mechanical, refrigeration, HVAC, and concrete contractors must post a $2,000 bond. Every applicant licensed as a demolition, grading, or house moving contractor in Greensboro must post a bond in the amount of $5,000.
City of Winston-Salem Contractor License Bond
In Winston-Salem, North Carolina, the required bond amount is $2,500 for both heating and electrical contractors. Street, bridge and sidewalk contractors in Winston-Salem must post a $25,000 bond.
Why are contractors required to be bonded?
Greensboro, North Carolina, contractor bonds protect the city from all losses or damages caused by a contractor’s negligence or failure to comply with the terms set in the city’s ordinances, rules, and regulations.
Winston-Salem street, bridge and sidewalk contractor bonds ensure that contractors comply with the specifications surrounding the general repair, construction or other work in designated areas and that all work will be completed soundly and according to code. By posting this bond, the contractor agrees to cover all damages if street excavations and pavement installations are flawed.
Winston-Salem heating and electrical contractor bonds ensure that contractors adhere to all terms set in the city’s ordinances. Specifically, this bond protects the city from losses or damages to the water and/or sewer system, the streets, or other property for which the city might be liable.
Need a surety bond for a construction project?
How long does a contractor license bond last?
All of the contractor license bonds listed above are continuous until canceled. To cancel the bond, the surety must submit written notice of the impending cancellation to the city at least 30 days prior to the desired termination date.