What Is a New Mexico Contractor License Bond?
A New Mexico contractor's license bond protects the state and the public from fraudulent, illegal or unsafe practices by contractors. These surety bonds guarantee that a bonded contractor will follow all state and local laws and regulations.
If the state or municipality finds that a contractor has performed construction work violating the bond terms and they fail to correct the work after being given a reasonable opportunity to do so, the surety will cover any direct damages suffered by consumers. The contractor, in turn, must reimburse the surety for damages paid out.
How Much Do New Mexico Contractor Bonds Cost?
The $10,000 New Mexico contractor license bond costs $250 per year for all applicants. All other New Mexico contract bonds are just $100 annually. Select your bond below to checkout instantly online.
If you need a surety bond for a license requirement not listed, call 1 (800) 308-4358. Or, if you work outside of New Mexico, we also offer contractor license bonds nationwide.
Who Needs a New Mexico Contractor Bond?
Various government agencies in New Mexico require contractor license bonds:
- The New Mexico Construction Industries Division (CID) requires a $10,000 New Mexico contractor license bond for state contractor licensing. This ensures compliance with statewide building codes.
- The New Mexico Regulation and Licensing Department also requires manufactured home contractors to file a $10,000 contractor consumer protection bond to become licensed with the Manufactured Housing Division.
- The New Mexico Office of the State Engineer requires well drillers and drill rig supervisors to file a $5,000 bond.
If you work in Albuquerque, you’ll need an additional construction bond for the following contractor classifications:
- Excavation
- Sidewalk, drive-pad, curb and gutter
Other Construction Bonds in New Mexico
You may also need a bid bond, payment bond or another type of contract bond for certain construction projects in New Mexico. These protect the public and project owners from contractors who default or fail to uphold their contracts in any way.
How to Get a New Mexico Contractor Bond
With SuretyBonds.com, you can get a New Mexico contractor license bond instantly online. Just select the bond you need and enter your information. You’ll receive your official bond via email in minutes.
How Fast Can I Get My Bond?
With SuretyBonds.com, you can purchase most New Mexico contractor license bonds online 24/7 with instant digital delivery. If your obligee requires the original bond form with wet signatures, we offer an overnight shipping option.
How Do New Mexico Contract Bonds Work?
New Mexico contractor bonds protect consumers who could be harmed by defective construction or other license noncompliance as well as any unpaid employees, subcontractors or suppliers.
If you break the bond terms, the surety company will pay valid claims to harmed parties up to the full bond amount, which you must then reimburse in full. Additionally, if you fail to maintain your New Mexico contractor license bond, your license can be revoked.
Do I Need to Renew My Bond?
New Mexico contractor license bonds are continuous in form, but the surety can choose to cancel the bond at any time by giving written notice to the Regulation and Licensing Department 30 days prior to the effective date of cancellation or 30 days after the surety receives written notice requesting cancellation from the department.
How to Get a Contractor License in New Mexico
The first step toward getting your contractor’s license in New Mexico is to determine the classification of license and/or certificate you need to do the specific work you’re planning to perform. License classifications are listed in the New Mexico Administrative Code, Title 14 Chapter 6 Part 6.
Then, to apply for your state license with the New Mexico Construction Industries Division, you'll need to complete your contractor license application packet and provide all required documents as outlined below:
- Completed contractor license application
- Copy of valid qualifying party certificate, or copy of exam score showing passing scores on exam(s) for application classification(s)
- Proof of financial responsibility
- Proof of current New Mexico Tax ID number application with official stamp or registration certificate
- Self-addressed envelope large enough and with sufficient postage to return application materials if application is rejected
All licenses remain effective for three years from the date of issuance.
Learn more in our complete guide on how to to get a New Mexico contractor license.
More Resources
- How to Become a Licensed, Bonded Contractor
- New Mexico E-Services for Contractor Licensing
- New Mexico Contractor Licensing: Frequently Asked Licensing Questions
- New Mexico Licensing Fees
- New Mexico Contractor Industries Division Contractor License Code Bond
- Article 13 Construction Industries Licensing Act NMSA 1978 60-13-1 through 60-13-59
- Albuquerque: Department Listings
- New Mexico Contractor Industries Division: Contractor License Code Bond
- New Mexico Contractor Licensing: Frequently Asked Licensing Questions
- MHD Crossover Application Form
- MHD Manufactured House Installer Licensing
- How to Become a Well Driller in New Mexico
- New Mexico: E-Services for Contractor Licensing
- Understanding the Construction Bonding Process
