South Carolina General Contractor License Bond
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How much does a South Carolina general contractor bond cost?
South Carolina general contractor bond costs start at $200 annually. Your exact cost will be provided after a quick application review based on the bond amount required for your general contractor license. These bonds must expire on October 31st of even-numbered years, so your invoice will reflect this state-required bond term expiration date.
How do I get a general contractor license bond in South Carolina?
You can apply for your South Carolina general contractor license bond online 24/7. You'll need to provide your general contractor name and construction group license type for Contractor's Licensing Board filing approval. Once your order has been processed, your official general contractor bond will be delivered to your email.
How fast can I get a general contractor license bond?
Our industry leading technology and responsive customer service team allows us to deliver general contractor license bonds faster than any other surety company. Orders placed by 4 PM CST Monday-Friday are typically processed with same-day emailed South Carolina surety bond delivery.
If you have questions about South Carolina general contractor license bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through contractor bonding so you can get back to running your business.
What is the surety bond for a general contractor in South Carolina?
South Carolina Code Section 40-11-262 allows general contractors to file a surety bond in lieu of the financial statement used to fulfill the minimum net worth requirement for contractor licensing. The state's official bond form is titled the “Surety Bond for General Contractors” but is more commonly known as the “general contractor license bond" or "general contractor bond.” This South Carolina surety bond specifically protects the state, the Contractor's Licensing Board, and any person or business that sustains damage if a South Carolina contractor breaches their construction contract or fails to comply with state contractor laws.
Who needs South Carolina general contractors license bonds?
You only need this bond for a state license if you're a general contractor who doesn't provide a financial statement proving your minimum net worth. By filing this bond you agree to comply with state law when fulfilling construction contracts or providing construction services. If you fail to do so, your issuing surety company will pay valid claims to the state or harmed individuals up to your full bond amount, which you must reimburse.
Who regulates licensing for general contractors?
The South Carolina Department of Labor, Licensing and Regulation Contractor's License Board enforces state license requirements for general contractors. If you have questions about your existing contractors license or new South Carolina contractor application, you can contact the CLB by calling 1(803)896-4686 or emailing [email protected].
The South Carolina Contractor's Licensing Board requires this bond for general contractor licensing. The CLB enforces a separate South Carolina mechanical contractor license bond requirement if you work a mechanical contractor. If you need a bond for city contractor licensing, we also offer other South Carolina contractor bond types. You might also need the North Carolina contractor license bond if you work across state lines.
How are contractor bond amounts and premiums determined?
The state's official surety bond form sets the following South Carolina general contractor bond amounts based on your general contractor group number.
- Group 1: $20,000 bond amount
- Group 2: $60,000 bond amount
- Group 3: $150,000 bond amount
- Group 4: $250,000 bond amount
- Group 5: $350,000 bond amount
Your contractor license surety bond premium will be determined after a quick application review.
How do I update or change my general contractor license bond form?
If the Contractor's License Board requires your South Carolina surety bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common change requested is updating your construction contractor name to match your existing license or new licensed contractor application.
How do I renew my general contractor license bond?
You must renew your South Carolina general contractor license surety bond before its next term expires on October 31st of even-numbered years. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next 2-year licensed contractor term.
How do you become a licensed general contractor in South Carolina?
- Complete the general and mechanical contractor application.
- Pay the $350 fee.
- Confirm that your business has been approved by the South Carolina Secretary of State. Sole proprietorships don't need to complete this step.
- Provide either a financial statement or a South Carolina surety bond in the appropriate amount.
- Qualifying parties and primary qualifying parties must fill out Document 168 for certification with the board. If you want to transfer or renew certification, submit Document 181.
What can contractors do to avoid claims against the South Carolina general contractor license bond?
General contractors in South Carolina can avoid surety bond claims by completing construction work and fulfilling project contracts as required by state law. If they fail to do so, their issuing surety company will pay valid claims to the state or harmed individuals up to the full bond amount.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
