As part of the licensing process, an applicant for an Oregon Residential General Contractor surety bond must provide a surety bond in the amount of $20,000. These contractors may supervise, arrange for, or perform (partly or completely) an unlimited number of unrelated building trades involving any residential or small commercial structure or project. Residential general contractors may perform the same work as residential specialty contractors.
All Oregon Contractor’s License Bonds are increasing by $5,000 effective January 1, 2024. This change was enacted by House Bill 2922, which was passed by the Oregon Legislature in 2023. The bill aims to provide better protection for consumers by increasing the amount of financial recourse available in the event that a contractor fails to fulfill their obligations.
The cost of the surety bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150 to$250. Surety1 will shop its many markets to procure the right price at the right terms.
Other Types of Oregon Contractor’s License Bonds
There are eight different classifications of licenses in Oregon. To see which on you need, click on the link below for a brief description.