What is the purpose of an Oregon Contractor License Surety Bond?
The Oregon Construction Contractors Board (CCB) licenses and regulates contractors in the State of Oregon, per the Oregon Revised Statutes 701 and the Oregon Administrative Rules 812. A surety bond is required to guarantee that contractors comply with all Oregon Revised Statutes and, in the event that the contractor’s non-compliance results in third party damages, a claim may be filed against the bond. The bond amount varies: $10,000 – $20,000 for residential contractors and $20,000 – $75,000 for commercial contractors.
What are the bond amounts and Oregon Contractor License classifications?
Residential Bonds
- Residential General Contractor: $20,000
- Residential Specialty Contractor: $15,000
- Residential Limited Contractor: $10,000
- Residential Developer: $20,000
- Home Services Contractor: $10,000
- Residential Locksmith Services Contractor: $10,000
- Home Inspector Services Contractor: $10,000
- Home Performance Score Contractor: $10,000
Commercial Bonds
- Commercial General Contractor Level 1: $75,000
- Commercial General Contractor Level 2: $20,000
- Commercial Specialty Contractor Level 1: $50,000
- Commercial Specialty Contractor Level 2: $20,000
- Commercial Developer: $20,000
What is the fine print for filing my Oregon Contractor License bond?
- The CCB cannot accept copies of bonds.
- The bond(s) must be issued in the full legal name of the sole proprietor; all partners full legal names in a partnership or joint venture (JV); the full legal names of all partners in an LLP and the name of the LLP; the name of the corporation, LLC or trust. JV’s, LLP’s, Corp’s, LLC’s and trusts must match the name filed at the Oregon Corporation Division.
- Limited partnerships should contact the CCB at 503-378-4621 for special instructions.
- The bond(s) must have the original signature of the bond company’s attorney-in-fact.
- If a power of attorney form is attached to the bond, do not remove it.
- The bond(s) is not valid until it is submitted to and is put into effect by the CCB. The bond(s) must be submitted to the CCB no later than 60 days from the date the bond(s) was signed by the bond company or it is no longer valid.
For a chart of CCB license endorsements with bond and insurance requirements please visit http://www.oregon.gov/CCB/Pages/index.aspx.
How much does a Oregon Contractor License Surety Bond cost?
Pacific Surety is proud to offer a variety of approvals, regardless of credit, for Oregon Contractor License Surety Bonds, with rates as low as .5% annually for well qualified applicants. It typically takes just a few hours for a quote, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
I do not see the bond I need. Are there any other Contractor Surety Bonds available Oregon?
With thousands of different bonds across the United States, no two businesses are alike. Additional Contractor-related bonds available in Oregon include:
Farm Labor Contractor Surety Bonds
- Guarantees payments due to laborers
H-2A Farm Labor Contractor Surety Bonds
- Cover liability incurred during the term of the work contract period applied for
Landscape Contractor License Surety Bond
- Consumer protection that the contractor will complete projects in accordance with the licensing requirements