Idaho Performance Bond
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How to fill out Performance Bond?
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FAQ
There are no education, experience or examination requirements that must be met to be a registered contractor. You submit the completed Application for Contractor Registration by mail, with proof of liability insurance attached, and the application fee, to the Idaho Contractors Board.
?The main purpose of a construction bond is to provide the security, or guarantee, to the owner that the project he instructs the contractor to build will be completed in the case of failure or bankruptcy of the contractor's company,? says Robbert.
A performance bond is a type of contract construction bond that guarantees a contractor will complete a project ing to the terms outlined in a contract by the project owner, also called the obligee. The obligee can be a city, state, or local government, as well as the federal government or a private developer.
The contractor will engage with a bond provider, or surety, to provide a performance bond for that project. In order to get a performance bond, the contractor agrees to pay the surety a small percentage of the total bond amount, usually between 1% and 4%.
When a contractor fails to abide by any of the conditions of the contract, the surety and contractor are both held liable. The three main types of construction bonds are bid, performance, and payment.
One key difference between performance bonds and surety bonds is the scope of their coverage. Performance bonds only cover a specific project, while surety bonds can cover multiple projects or ongoing business activities.
Contractor bonds are required for any contractor wanting to become licensed in the state of Idaho.
Contractors License Bond Cost Idaho Contractor License Bond Cost ExamplesBond LimitMonthly | AnnualBond Limit: $2,000 Plumbing/Specialty Contractor BondMonthly | Annual: $9 | $100Bond Limit: $2,000 HVAC/Specialty Contractor BondMonthly | Annual: $9 | $1002 more rows
