If a claim against a bond is filed pursuant to NRS 240A. 120, the claimant must notify the Secretary of State in writing upon filing the action. A claim against a bond filed pursuant to NRS 240A. 120 may be filed in a court of competent jurisdiction for damages to the extent covered by the bond.
No - if you signed the bond it doesn't matter whether you have a job or not - or whether the bondsman asked you if you did. You are liable as surety on the bond - having a job or not has nothing to do with your liability. Sorry.
The surety agency will find a new contractor to finish the project. However, the company itself will not oversee the completion and the Obligee (Project Owner) will receive compensation if damages or losses have occurred. The new contractor is approved by the surety and the project owners to ensure stability.
You will have to get a continuous bond between $1,000 to $500,000. The Board considers the license classification you're applying for, granted monetary limit, financial responsibility records and projections, and your professional experience and character.