An Oregon Surety Bond is a form of financial guarantee required by the State of Oregon. It is a three-party agreement between a principal, an obliged, and a surety company. The principal is required by the state to obtain a bond, and the surety company provides the guarantee that the principal will meet their obligations as stipulated in the bond. The obliged is the entity that is protected by the bond, and is usually the State of Oregon itself. Types of Oregon Surety Bonds include Construction Performance Bonds, Contractor License Bonds, Motor Vehicle Dealer Bonds, Motor Vehicle Manufacturer/Wholesaler/Distributor Bonds, Motor Vehicle Repair Shop Bonds, Motor Vehicle Title Service Bonds, Mortgage Broker Bonds, and Public Adjuster Bonds.
Oregon Surety Bond
State:
Oregon
Control #:
OR-SKU-0913
Format:
PDF
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Surety Bond
How to fill out Oregon Surety Bond?
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FAQ
Surety bonds provide financial security and construction assurance by assuring project owners that contractors will perform the work and pay specified subcontractors, laborers, and material suppliers.
Residential contractors must post a bond in an amount between $10,000 and $20,000. Commercial contractors are required to submit a bond in an amount between $20,000 and $75,000. Landscape contracting businesses must get a bond in an amount between $3,000 and $20,000.
But surety bonds are also an important regulatory tool that are good for all. In fact, there are even benefits for the people who must pay for bonds and pay for claims. So yes, surety bonds are worth it.
Contractors who are endorsed to do both residential and commercial work must have both a residential and a commercial surety bond. The original bond(s) MUST accompany the application.
One of the disadvantages of a surety bond is that the fee paid to the bondsman is gone. Even if the defendant appears at every court date and then is found not guilty, the 10 percent paid to the bondsman is not money the defendant will get back.
How to Get a Surety Bond Find the bond requirements in your state for your specific business or industry. Confirm the bond coverage amount needed. Contact a surety company that's licensed to sell bonds in your state. Provide the business details and financial information needed for your quote. Receive your bond quote.
Ideally, surety bond companies will look for credit scores higher than 670 and an absence of collections, liens, and judgments. If your credit score is under 670, that's usually okay, you will likely just have to pay more for your bond.
Will my surety bond credit pull affect my scores? Credit pulls for bonds aren't as invasive as car payment or mortgage loan credit reviews. Most of the time credit reviews for bonds only require a soft pull, which means a minimal impact on your credit score for a short period of time.
