Oregon Contractors Bond
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An Oregon contractors bond offers assurances that the work given will be done according to the stipulated requirements.
Key Highlights
- A contractor must have experience (four years for level 2 contractors and eight years for level 1).
- The Oregon Construction Contractors Board is the body tasked with regulating Oregon construction license and bond activities.
- The Oregon CCB requires the contractor to have the financial strength to support the project being undertaken.
How do I purchase an Oregon contractors bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue Oregon contractors bonds in each of the 50 states. We can provide the best rates for your bond, as well as the fastest issuance, to get your business off and running.
Our short online application makes it easy. Click below to start the application process today.
Oregon Contractors Bond FAQs
There are requirements stipulated by the Oregon Construction Contractors Board that contractors need to follow. The Oregon CCB bond requirements include:
- Contractors are required to file a bond with the board upon application or renewal of a license. No other bond form is accepted except the CCB bond form. Only the original bond copies are accepted by the CCB. It should be an Oregon contractor bond from the list of companies provided by the CCB.
- The names that the bond is filed under should match the names registered at the Oregon Corporation Division.
- The bond should bear the original signature of the company lawyer, and if there is a power of attorney form, it should not be removed.
- All bonds are continuous. Bonds may be cancelled by giving a 30-day notice to the CCB.
- The type of bond applied for depends on the contractors' endorsement. If the contractor has both residential and commercial endorsements, then they are expected to have both a residential bond and a commercial bond.
Failure to follow the Oregon CCB bond requirements may result in a delay in issuing the license. It is illegal to do construction work in Oregon without the necessary license or contractor bond.
Contractors need to be properly bonded as a security measure. In case of damages incurred, the principal can claim the bond from the surety and get some credit extended to cover the damages. The principal is still expected to repay the surety. The surety is not obligated to cover the loss; hence, the responsibility of ensuring no damages occur lies squarely on the contractor.
Contractors who have contractor bonds show good faith, commitment to the project, and professionalism to their clients. It portrays a positive image to potential clients if purchasing a contractor bond is a requirement when the contractor takes a job.
A contractor may be forced to bear the damages and neglect caused by their employee or partner if not bonded. They may also bear the cost of accidents, faulty work or construction defects. For example, a tool may fall and damage a door that a bonded contractor can claim damages, but a non-bonded contractor bears the cost.
Some damages may involve employees or clients, which may result in delays to a contractor's work or lead to legal consequences. Most projects have a deadline and a stipulated budget. Delays will have a negative impact on the deadlines, and additional costs may strain the available budget. To stay on the safe side, contractors should have a contractors bond.
According to the Oregon Construction Contractors Board, a bond is required for any individual working in construction for payment, whether it's renovating or real estate. Most handymen should be licensed and have the necessary bond. Examples of some of the jobs that should be bonded are flooring, plumbing, heating, air conditioning, concrete, roofing, and painting, among others. The jobs that do not require bonds include gutter cleaning and debris cleanup.
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