The Utah Contractor’s License Bond is required by the Department of Commerce, Division of Occupational and Professional Licensing. The bond shall protect others from losses incured as a result of the contractor’s violation of provisions to the UT Admin Code. This includes the failure to maintain financial responsibility, failure to pay obligations. As well as, the failure to pay income taxes or self-employment taxes.
Who needs a Utah Contractor’s License Bond?
Individuals who wish to become a Licensed Contractor in the State of Utah must complete an application. The Contractor’s License bond may be required if an applicant has had any judgements, liens, taxes or support delinquencies, within the past eight years. An applicant who has filed for bankruptcy within the last seven years may also require the bond.
How is the bond amount determined?
A financial history of the applicant may be reviewed to determine the bond amount. In some cases the bond amount is 20% of the annual gross distributions from unincorporated entity to its owners. In other cases, the bond amount is $50,000, $25,000 or $15,000.
Where can I get a Utah Contractor’s License bond?
At Surety1 you can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service.
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1, an AssuredPartners agency, is located in Rancho Cordova, California. Since 2003, Surety1 has been the premier online provider of surety bonds nationwide. Surety1 is licensed in all 50 states and maintains an A+ rating by the Better Business Bureau .