California contractors are required to maintain a contractor license bond in the amount or $12,500 where as the Oregon contractors bond amount varies for which type of trade they will be performing Always check with the contractor licensing board to verify the correct requirements.
Performance and payment bonds are another type of bond that are sometimes required. If you are going to get involved with government projects such as building a road or any other type of construction they will require you to maintain a performance bond. A performance bond will insure that the tax dollars being spent will not be wasted if the contractor defaults on the job.
The State or Federal government will only hire contractors that are licensed with the state and meet the proper bonding and insurance requirements.
Tags: bonding and insurance requirements, california contractors
