The state of Oregon requires a $30,000 statutory public works bond for certain types of public works projects completed in Oregon. This surety bond requirement is for projects which are above $100,000.
Qualifying for this surety bond is simple. We take a short surety bond application from you directly over the phone. We'll ask the name of your company, its address and contact information. We'll also the same thing for you as the bond's Principal (owner). In addition, there is also a credit inquiry. Surety bond agencies --- not just our own --- utilize a "soft credit pull" which means that the credit review will not adversely impact your credit score.
Good credit is required by our surety, and if the application is approved, the premium is just 1%, or $300. Upon approval, we'll call you and the payment can be taken from you directly over the phone. Thereafter, your bond is immediately issued for you and mailed to you by the same or the following business day. Options exist to have your bond mailed overnight for an additional fee.
Upon receipt of your bond, you'll sign the bond as Principal and then file your bond along with the accompanying Power of Attorney form.
Duration of Your Surety Bond
The OR public works surety bond will renew on the anniversary of its issuance. A notice will be mailed to you (or emailed) well ahead of time offering you the option to renew your bond. The renewal premium will be at the same $300 amount.
To qualify for the bond one may or may not be CCB licensed in Oregon. Those who are not CCB licensed (i.e. companies which are not construction companies) and who need to purchase the bond will fill out this form for non-CCB licensed persons or companies. This, however, does not affect the purchase of your surety bond.
The state of Oregon is the entity which requires the bond as a condition of granting the contract job. Oregon requires this bond for the sole purpose of ensuring that any prevailing wages are paid.
The surety is the financial entity which has the wherewithal to pay for any claims up to the face amount; however, as Principal, you are responsible to indemnify the surety for any claims paid against your bond.
AmeriPro Surety Bonds is a surety bonds-only agency providing contractor, license and permit, and fiduciary surety bonds of all types throughout Oregon. We are also a provider of surety bonds nationwide.
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