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What Is A California Contractor’s License Bond?
It is extremely important to know what a California contractor’s license bond is. In simple terms, it is a level of insurance that is required by the state of California. Currently, the minimum amount is $12,500. However, that amount is subject to change. Failure to have this bond in place could result in the revocation of a contractor’s license.
Contractors license bonding services are in place to issue these bonds. Once the bond purchase is complete, it will be immediately filed with the CSLB. This is important, as purchasing the bond alone is not enough. It is possible to purchase bonds for future years, which will eliminate the hassle of needing to repeat the process each year. It is possible to purchase a bond if you have bad credit, and payment plans may be an option should you not be able to completely pay the upfront cost to receive your bond.
The California contractors license bond process can now be started online. To do so, simply download and complete the appropriate form. This form will needed to be mailed into the insurer, along with your payment. You can also fax this form if you wish. Should you decide to purchase only a one year bond, be sure to renew before it expires. The CSLB will be notified of it’s expiration and will suspend your contractor’s license if the bond has not been renewed.