The $25,000 Willoughby contractor bond is required for contractors who work in the city. Both the surety bond and the registration with the city expire on December 31st of each year.
Contractors must also furnish a separate $25,000 surety bond for each category of in which they perform contracting work.
There are 6 contracting categories recognized by the city of Willoughby. They are as follows:
1. General Construction. This category includes:
2. Excavation, sewers and waterproofing. The items included in this category are self-explanatory.
3. Fire Protection Systems: The items included here are:
4. Electrical: Included here are:
5. Plumbing: Included here are:
6. HVAC: Included here are:
Regardless of your contracting specialty, the purpose of the Willoughby contractor bond or bonds is the same.
This surety bond serves as a financial guarantee that contractors will remain in compliance with the city’s Building Code and all Ohio state contracting rules.
The bond holds the city harmless for the failure of a licensed contractor to complete work, or to submit work which is substandard and which presents a potential or real threat of physical harm as a result.
While the surety bond will pay for a legitimate claim, as the bond’s principal, you will always be liable to reimburse the surety for all costs and fee paid on your bond, if such were ever the case.
The premium for the Willoughby contractor bond may be as little as $125 annually, but no more than $250 a year.
Once the application is completed and the bond is paid for, it is mailed to you by the following business day. Only an original, signed bond may be filed with the city.
By local statute, Willoughby contractor bonds expire on December 31st of the year in which the bond is issued.
A current, active surety bond must remain on file at all times to remain eligible for contracting work in the city.
AmeriPro Surety Bonds is a surety bonds only agency which provides contractor surety bonds throughout Ohio.
We also provide license and permit, court, and fiduciary bonds in Ohio and all 50 states.
Please call our agency today for the contractor surety bond you require:
Or, you may fill out our form and an agent will call you….