Oregon Contractor – Residential Limited License Bond

 

An Oregon Contractor – Residential Limited License Bond is a type of surety bond required for some contractors in Oregon to obtain their state license. It’s a financial guarantee that protects consumers from financial losses caused by the contractor’s improper work, breach of contract, or non-payment of obligations. This bond is specifically required for Residential Limited Contractors. These contractors can perform or supervise an unlimited amount of construction trades for residential and small commercial projects, as long as:

• The total annual sales from all contracts are under $40,000.
• No single contract exceeds $5,000.

You can learn more about Oregon Contractor License Bonds and requirements on the website of the Oregon Construction Contractors Board (CCB): https://secure.sos.state.or.us/oard/viewSingleRule.action?ruleVrsnRsn=257653

The bond amount is $15,000 and 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. Surety1 will shop its many markets to procure the right price at the right terms.

How to Get an Oregon Contractor – Residential Limited License Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Oregon Contractor – Residential Limited License Bond will be shipped to the bond applicant.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.} 

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

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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.

• Oregon Contractor – Commercial General Bond
• Oregon Contractor – Landscape Surety Bond
• Oregon Contractor – Residential Developer Bond
• Oregon Contractor – Residential General Bond
• Oregon Contractor – Residential Limited Surety Bond
• Oregon Contractor – Residential Specialty Surety Bond