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[6] To complete this objective, the CSLB requires anyone charging over $500 to be licensed and bonded. The agency licenses individuals who are 18 years or older and can show verifiable proof of 4 years of experience at the journey level or as a foreman, supervisor, or contractor for the sought classification within 10 years of the application ...
File a Bond Insurance Claim. Before proceeding, note that you can only file a claim if the contractor is bonded. Therefore, you should only work with bonded and insured contractors for large projects.
[9] [10] Many state and municipal governments similarly require contractors on public works projects to be bonded under so-called "Little Miller Acts." Theoretically, the payment bond under the Miller Act or Little Miller Act stands in place of the government's property, and qualified claimants make claims against that bond similar to how they ...
The bonding process helps weed out irresponsible contractors while the bond itself defrays the government's cost of substitute performance. The subrogation right of the bond surety against the contractor (i.e., the right to sue for indemnification) is a deterrent to non-performance. Bond sureties often require additional security, including ...
A certificate of occupancy is a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.
use the term errors and omissions (E&O) insurance Other professions that commonly purchase professional liability insurance include accounting, engineering, land surveying and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and transport.
Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
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