Washington Contractor's License Bond Entity Change Rider is an endorsement that can be attached to a contractor's license bond to reflect changes in a contractor's corporate structure or ownership. This rider is typically needed when there is a change in the name of the company or change in the entity type of the contractor (i.e. sole proprietorship to LLC). The Rider also serves to notify the Washington State Department of Labor & Industries of the new ownership or entity. There are two types of Washington Contractor's License Bond Entity Change Rider: the Standard Rider and the Limited Rider. The Standard Rider is used when the contractor's corporate structure or ownership has changed significantly and the Limited Rider is used when the change in structure or ownership is minor. Both Riders provide the same protection for the contractor, and both must be approved by the Washington State Department of Labor & Industries.
Washington Contractor's License Bond Entity Change Rider
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How to Get a Washington Surety Bond Apply For Your Bond. To begin the bonding process, complete the online application form.Get a Bond Rate. As soon as we receive your application, we will begin processing it and looking for the lowest possible rate at which you can get bonded.Buy Your Bond.
Construction Contractors Must Be Registered. Washington State requires all construction contractors to register with L&I. State law also requires construction contractors to be bonded and insured to protect the public. Once registered, contractors can bid, advertise, and perform construction work.
Contractor Specialties Register your business with Department of Revenue. Get a surety bond or an assignment of savings. Purchase a general liability insurance policy. Complete your Application for Contractor Registration. Pay the required application fee of $124.70.
General contractors require a $12,000 surety bond, and specialty contractors need a $6,000 bond that they must post to the Washington State Dept. of Labor & Industries (L&I). Electrical/telecommunication contractors must submit a $4,000 surety bond when applying for a license from the L&I.
Washington Contractor License Bond Requirements General contractors require a $12,000 surety bond, and specialty contractors need a $6,000 bond that they must post to the Washington State Dept.
To register as a contractor, you will need to purchase: A Washington Continuous Contractor Surety Bond in the amount of: $12,000 for general contractors. $6,000 for specialty contractors.
On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.