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Use Licensed and Bonded Contractors on Larger Projects. A licensed contractor is much more responsible, for they have much more to lose. Always hire licensed contractors when flipping a house or ...
License and permit bonds are required by certain federal, state, or municipal governments as prerequisites to receiving a license or permit to engage in certain business activities. These bonds function as a guaranty from a Surety to a government and its constituents (obligee) that a company (principal) will comply with an underlying statute ...
The Contractors State License Board will accomplish this by: Ensuring that construction is performed in a safe, competent, and professional manner; Licensing contractors and enforcing licensing laws; Requiring that any person practicing or offering to practice construction contracting be licensed;
This helps prequalify contractors and protects the bid letting by guaranteeing that the principal will enter into the contract, for the amount of the bid, if it is awarded. A bid bond guarantees that the “obligee” will be paid the difference between the principal's tender price and the next closest tender price.
A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. [1] They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. [2] They are often required in conjunction with performance bonds.
Contractors hit the street to find construction trade workers for development projects in New Bedford. New Bedford housing development is booming. Now contractors need construction workers.
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