How much will my Oregon commercial contractor license bond cost?
All commercial contractors in Oregon are required to submit a bond to the Construction Contractors Board in order to receive their license. The amount of the bond required is dependent upon the license for which the contractor is applying. Bonds must be submitted in the following amounts for these commercial licenses:
- Level 1 General Contractor ($75,000)
- Level 2 General Contractor ($20,000)
- Level 1 Specialty Contractor ($50,000)
- Level 2 Specialty Contractor ($20,000)
- Developer ($20,000)
Due to the large bond amounts and the inherent risk of claims against contractor bonds, the premium an applicant will pay is determined by a review of their credit by a surety underwriter. However, with exceptional credit, Suretybonds.com can get approvals on all Oregon commercial contractor bonds for as little as 1%. So, a contractor needing a Level 2 general contractor bond may pay just $200 for their bond!
Our team of surety experts’ unsurpassed knowledge of the bonding process ensures that you will be bonded quickly, easily and accurately. Apply for a free bond quote today!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Commercial General Contractor Bond Level 1||$75,000||Starts at $750||$3,750-7,500||$7,500+||Apply Now|
|Commercial General Contractor Bond Level 2||$20,000||Starts at $200||$1,000-2,000||$2,000+||Apply Now|
|Commercial Specialty Contractor Bond Level 1||$50,000||Starts at $500||$2,500-4,000||$5,000+||Apply Now|
|Commercial Specialty Contractor Bond Level 2||$20,000||Starts at $200||$1,000-2,000||$2,000+||Apply Now|
|Commercial Developer Bond||$20,000||Starts at $200||$1,000-2,000||$2,000+||Apply Now|
Fill out our online bond request form or give us a call today at 1 (800) 308-4358 to receive a free, personalized bond quote within one business day of submitting an application.
Why do I need this bond?
No matter what kind of license is being sought by an applicant, all commercial contractors in Oregon must purchase a bond in order to protect their clients from harm as a result of the contractor’s failure to abide by all terms established by the bond, as well as any relevant regulations—specifically Oregon Revised Statutes Chapter 701 and Oregon Administrative Rules Chapter 812.
If a valid claim is made against the contractor’s bond, the surety will pay up to the full amount of the bond in order to reach a settlement with the claimant. Once a settlement has been reached, it is the responsibility of the contractor to reimburse the surety for all money paid out in the claims process.
If you’re ready to get bonded, submit a bond request form or give our team a call at 1 (800) 308-4358!
How long do I need this bond for?
Because of the protections offered by a bond, commercial contractors in Oregon are required to remain bonded with the Construction Contractors Board for the entire duration of their license. These bonds are effective for twelve months and must be renewed annually until the contractor wishes for their license to expire. However, the surety may cancel the bond at any point by providing the Board with 30 days’ advance written notice. Should a contractor’s bond be canceled, it is of the utmost importance for them to obtain a new bond immediately in order to avoid any negative repercussions.
Our team of surety specialists is dedicated to getting you the bond you need fast. Apply for a free bond quote today!
How to become a commercial contractor in Oregon
The requirements to become a commercial contractor in Oregon vary depending upon the type of license. For example, a level 1 commercial general contractor must have 8 years of construction experience, while a level 2 commercial general contractor requires only 4 years of construction experience. For specific information on each type of commercial license, please see the commercial application in the Important Links section below.
Although each license classification does have specific requirements, every contractor must take the following steps:
- Determine the type of structures on which you will work
- Complete pre–license training and pass required test
- Structure the company by contacting the Oregon Secretary of State, Corporation Division
- Submit a bond in the correct amount
- Provide proof of all necessary insurance
- Obtain other employer account numbers
- Complete and submit an application along with a $325 fee for a 2–year license
Ready to get started?