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Attorney2020
Attorney2020, Attorney
Category: Business Law
Satisfied Customers: 872
Experience:  I am a practicing attorney. I have experience in business law, bankruptcy, real estate law and estates.
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This question regards XXXXX XXXXX I am a licensed contractor

Resolved Question:

This question regards XXXXX XXXXX I am a licensed contractor in California. I have a license bond which is required by the license board. It is illegal in California to advertise that you are "bonded" if you only have a license bond, but I see that in ads all the time - "licensed and bonded." I thought surety bonds were for individual jobs. So, if a customer wanted me to be bonded, I would get a bond that would be for their job only. I am filling out an application to do some work for a home improvement store. The application asks if I have a surety bond. Is it possible to get a surety bond that is not tied to a specific job?
Submitted: 1 year ago.
Category: Business Law
Expert:  Attorney2020 replied 1 year ago.

Attorney2020 :

No. Generally,there are four types of surety bonds:



  1. Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.

  2. Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.

  3. Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.

  4. Ancillary Bond: Ensures requirements integral to the contract, but not directly performance related, are performed.

Customer:

So, when someone advertises that they are licensed and bonded, they are not telling the truth?

Attorney2020 :

The term "licensed and bonded" simply means that the contractor is licensed by the state and the term bonded means that the contractor has a bond with either a bank or insurance company that would cover jobs to a specific amount. Additionally bonds may be required if the contractor's general bond amount is lower than what is necessary for a particular job.

Attorney2020 :

So to answer your question, a general bond can be acquired through a bank or insurance company. It is simply a set aside savings account opened up by the contractor that covers the contractor for a certain amount of liability. I hope this helps. Surety bonds are separate from general bonds.

Attorney2020 :

Please rate my answer. Please let me know if you need any additional information.

Attorney2020, Attorney
Category: Business Law
Satisfied Customers: 872
Experience: I am a practicing attorney. I have experience in business law, bankruptcy, real estate law and estates.
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