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How Much Does a Massachusetts Contractor License Bond Cost?
In Massachusetts, the cost of a contractor license bond is $100 to $2,000 or more. Most contractor bond requirements are mandated by municipalities with amounts from $5,000 to $20,000 or more.
Your Massachusetts contractor bond can be purchased at a premium rate through an authorized surety company in the state. We are a respected surety company that has been serving Massachusetts for over a decade. Our bond rates are from 1% to 10%.
We have a straightforward, fast bond process, and we bond more than 99% of applicants. Your bond rate is determined by a combination of factors, such as your financial assets, credit rating and professional credentials.
If your credit rating is 700 or better, you qualify for a premium rate between 1% and 3%. If you have a 600 to 699 credit score, your rate will be between 3% and 5%. A lower credit score qualifies for a 5% to 10% rate.
|
Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Massachusetts Department of Revenue Out of State Contractor Bond |
varies |
- |
- |
- |
|
Boston Street Opening Bond |
$20,000 |
$200 - $600 |
$600 - $1,000 |
$1,000 - $2,000 |
|
Braintree Contractor Bond |
$5,000 |
$100 - $150 |
$150 - $250 |
$250 - $500 |
|
Burlington Street Opening Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
How to Get a Massachusetts Contractor License Bond
1. Determine the Surety Bond You Need
Many municipalities across Massachusetts have established bond requirements for contractors. Before applying for your new surety bond, learn about the bond requirements that are applicable to you. Our supportive bond experts are also happy to answer your questions.
George recently got in touch with us for a Boston surety bond. By taking advantage of our online application, he immediately had a bond quote to review. After paying the premium through our website, he was bonded to work lawfully in Boston.
2. Apply for Your Contractor Bond
Once you know what bond amount and type is required for your professional needs, spend a couple of minutes completing the short online application. With our easy bonding process, we provide our customers with a hassle-free experience.
3. Get a Quote
Soon after completing and submitting the online application, you will get a quote from us. In most cases, our customers receive an instant quote and can immediately review the terms available for their qualifications. If an application is complex, a quote is available within 48 hours.
4. Buy Your Bond
To purchase your bond, conveniently make your premium payment online. Upon doing so, we will email your bond directly to you. We can also mail your bond, if requested.
Our friendly bond experts are standing by to answer your questions and guide you through challenges. For assistance, please contact us or call us at (877) 514-5146.
Apply for a free no-obligations quote on your contractor license bond!
Contractor License Bond Requirements in Massachusetts
The Massachusetts Department of Revenue requires out-of-state contractors to buy a surety bond. The bond amount is equivalent to 6.25% of the project cost. If the project cost changes, the bond must be adjusted. This requirement is established under MGL Chapters 64H and 64I.
The bond’s obligee is the Commonwealth of Massachusetts. The bond has an established start and end date. A new bond is required for each contract.
Numerous cities and towns in Massachusetts have contractor bond requirements as well. These are:
|
Surety Bond |
Bond Amount |
Premium |
|
City of Athol Contractor Bond |
$4,000 |
From $100 |
|
$5,000 - $20,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
City of Melrose Contractor Bond |
$5,000 - $50,000 |
From $100 |
|
City of Salem Sign Contractor Bond |
$1,000 |
From $100 |
|
Town of Braintree Contractor Bond |
$5,000 |
From $100 |
|
$10,000 |
From $100 |
|
|
Town of Mattapoisett Water & Sewer Contractor Bond |
$5,000 |
From $100 |
|
Town of Palmer Contractor Bond |
$1,000 - $500,000 |
From $100 |
|
Town of Stoughton Contractor Bond |
$5,000 |
From $100 |
|
$5,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
Town of Westminster Contractor Bond |
$5,000 |
From $100 |
|
$10,000 |
From $100 |
|
|
$1,000 - $100,000 |
From $100 |
|
|
City of Newton Payment Bond |
$1,000 - $100,000 |
From $100 |
|
$5,000 |
From $100 |
|
|
Town of Needham Street Opening Permit Bond |
$15,000 |
From $150 |
|
Boston Water and Sewer Commission Bond |
$5,000 |
From $100 |
|
City of Athol Contractor Bond |
$4,000 |
From $100 |
The bond term and amount required varies by trade and municipality. To maintain the bond, the premium payment must be paid annually. We will help you maintain the required bond by providing payment instructions each year prior to the due date.
How to Get Your Massachusetts Contractor License
If you need help learning how to get a contractor license, our bond experts are happy to answer your questions. Documentation required to get a contractor license varies by location. The documentation needed to apply for an out-of-state contractor license in Massachusetts includes:
- Out-of-state contractor registration
- Certificate of compliance filed with the Department of Revenue
- Surety bond
- Taxes paid on materials brought into the state
Your local authority can provide you with specific requirements for the contractor bond needed. For an out-of-state contractor bond, contact:
Massachusetts Department of Revenue
Out-of-State Contractors Unit
200 Arlington St., Room 4300
Chelsea, MA 02150
Phone: (617) 887-6995
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
