Illinois contractors who wish to perform contracting business in Palos Heights must obtain a $20,000 surety bond in addition to filing a Palos Heights application and paying the required fee.
The bond’s obligee, that is the entity requiring the surety bond, is the city of Palos Heights.
AmeriPro Surety Bonds offers this bond for you at a reasonable price.
The purpose of the Palos Heights contractor license bond is a financial guarantee purchased by you, the contractor, to protect the city of Palos Heights.
Specifically, the bond guarantees that a licensed contractor will perform contracting work done according to the law.
The bond, furthermore protects Palos Heights from any criminal misconduct or malfeasance of a licensed contractor, or subcontractor, working on behalf of the city in their professional duties and obligations.
But the bond is not an insurance policy --- this too is required.
And so, should a claim ever be paid to Palos Heights from your surety bond, it is your legal obligation to reimburse the surety in full.
The price, or premium of the Palos Height’s contractor license bond will depend on a standard application along with a credit check.
While the bond is renewable annually, as an applicant you have the option to prepay this bond for 3 years.
The annual amount may be as little as $200, but prepaid for 3 years may cost as little as $500. ‘
However, again, we stress that the amount you will be required to pay as premium will largely be determined by your credit score.
AmeriPro Surety Bonds is a surety bonds-only agency providing contractor, license and permit, court, and fiduciary surety bonds throughout Illinois.
We also provide surety bonds nationwide.
We welcome the opportunity to speak with you.