You hear it all the time, “I was scammed,” “the contractor never finished the work,” “they didn’t do the work that I contracted him to do,” and other stories of contractors gone bad. Because of these situations, many states require a contractor to be licensed, and in some cases, secure a surety bond which often ensures the duties in a contract.
Homeowners in Nevada that need repairs or home improvements should cautiously seek out reputable licensed contractors before making any payments or deposits to begin work. Homeowners should obtain bids or quotes, check references and check the state’s contractor license lookup to ensure that the contractor has a valid license and to see if there have been any disciplinary actions.
Contractors in Nevada are required to be licensed and obtain a surety bond in an amount that ranges from $1,000 to $500,000 based on the type of license being issued, character of the contractor, financial stability of the contractor, experience in the industry, and the amount of the projects the contractor plans to undertake. The Nevada State Contractor’s Board will determine the bond amount that will be required, or a contractor may opt to make a cash deposit instead of a surety bond. (The Board has additional surety bond requirements for residential pool and spa contractors.)
The surety bond is a guarantee that the contractor will fulfill his or her duties in contractual agreements, as well as fulfill the labor and supplier obligations and maintain a safe work environment on the job site. If a claim is made against the bond or cash deposit by any person with a valid reason to do so, and if the contractor is found at fault, a claim may be paid by the surety or from the cash deposit. If the surety pays the claim, the contractor must pay the surety company back.
Nevada contractors can get the surety bond they need to meet the Nevada State Contractors Board license requirement from SuretyGroup.com. We offer free, no-obligation quotes, low rates, and fast service. Email email@example.com, apply online or call us today at 1‑844‑432‑6637.
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