General contractors in South Carolina are licensed and regulated by the state’s Department of Labor, Licensing and Regulation.
In lieu of submitting financial statements which demonstrate your net worth, you are required to file a surety bond that is two times the amount of required net worth for your category of contractor license. This bond requirement is as per Section 40-11-262 of the South Carolina statutes. The surety bond is a new option, which took effect in May of 2018.
There are 5 categories of general contracting licensing in South Carolina, and our agency provides the surety bond required for each category. We also provide surety bonds for SC mechanical contractors.
The following surety bond amounts are required of each group. The estimated premium is also included, which will typically be 1.5% of the bond amount.
Qualifying for the South Carolina general contractor bond is by means of a surety bond application --- which may be completed over the phone --- and a soft credit score inquiry.
As part of the application process, you will be asked the following:
If for some reason you do not qualify at the above rates, we will likely still be able to get you bonded, however, those rates will be somewhat more. Typically, we do not offer payment plans for your surety bond.
The term for this bond is for one year from the date of issuance. Thereafter, you must either renew your bond as a condition of maintaining your general contractor license, or provide and the financial net worth requirements.
The purpose of your general contractor bond is to protect South Carolina consumers from breaches of contract or breaches in providing necessary labor materials. The bond also protects the consumer --- not the general contractor --- from unlawful acts, including theft, fraud, and misrepresentation.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, and court surety bonds throughout South Carolina.
Our agency also provides license and permit surety bonds nationwide.
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