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How Much Does an Oregon Contractor License Bond Cost?
An Oregon contractor license bond costs between $150 and $8,000. The required bond amount ranges from $15,000 to $80,000 depending on the contractor’s trade.
Rather than paying the full sum of the bond to do business lawfully in Oregon, you can purchase your bond from a respected surety company. We issue bonds to over 99% of applicants. The premium rate is from 1% to 10%, and it is based on your credit, assets and experience.
For a 700 credit score or higher, the premium will be 1% to 3% of the required amount. For a score of 600 to 699, the premium rate is 3% to 5%. If you have a lower score, your premium rate will be 5% to 10%.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Oregon Commercial Level 1 General Contractor License Bond |
$80,000 |
$800 - $2,400 |
$2,400 - $4,000 |
$4,000 - $8,000 |
Oregon Commercial Level 1 Specialty Contractor License Bond |
$55,000 |
$550 - $1,650 |
$1,650 - $2,750 |
$2,750 - $5,500 |
Oregon Commercial Level 2 General Contractor License Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
Oregon Commercial Level 2 Specialty Contractor License Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
Oregon Commercial Developer Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
Oregon Residential General Contractor Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
Oregon Residential Specialty Contractor Bond |
$20,000 |
$200 - $600 |
$600 - $1,000 |
$1,000 - $2,000 |
Oregon Residential Limited Contractor Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
Oregon Residential Developer Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
Oregon Home Services Contractor Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
Oregon Residential Locksmith Services Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
Oregon Home Inspector Services Contractor Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
Oregon Home Energy Performance Score Contractor Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
Oregon Residential Restoration Contractor Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
Oregon Construction Flagging Contractor Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
How to Get an Oregon Contractor License Bond
1. Determine the Surety Bond You Need
The surety bond requirements in Oregon vary by trade, so the first step in setting up your bond is to research the rules applicable to you. The Oregon Construction Contractors Board is responsible for all contractor licensing and bonds.
In addition to contacting the state authority on contractor bonds for information, our surety bond experts are available to help. We have more than a decade of experience and can assist you through our easy process.
2. Apply for Your Bond
Our online application requires only essential information, such as the bond amount, bond type and a few other key details. Our valued customers often are able to complete the application for an Oregon surety bond in a matter of minutes.
3. Get a Quote
Your bond application is processed immediately, and we provide instant quotes. If you have a more complex situation, expect your quote in 48 hours or less. Our bond experts can answer all of your questions about your quote.
4. Buy Your Bond
Finalizing your surety bond purchase is easy to do. With our online payment form, you can conveniently make your premium payment. Our team will then process your bond and email it to you right away. If requested, we are happy to mail the bond as well.
For assistance with your application or for other needs, contact us or call us at (877) 514-5146.
When our new customer, Quentin, contacted us recently, he needed a bond for his new construction business. While he expected a complicated bonding process, he was pleased to learn that he could buy his bond online without hassle through our company. Today, he has a construction business in Salem.
Contractors License Bond Requirements in Oregon
The Oregon Construction Contractors Board is the authority for licensing contractors. Construction contractors in Oregon are required to have a surety bond to do business. The specific contractor bond amounts required vary by trade.
If a contractor provides both residential and commercial services, two surety bonds are required. To obtain a commercial contractor license, a key employee must have verified experience, such as:
- Suitable on-the-job experience
- An apprenticeship counts as three years of experience
- A construction or building management associate’s degree counts as a year of experience
- A bachelor’s or master’s degree in economics, finance or business counts as two years of experience.
Other contractors may need to comply with specific licensing and bonding requirements set by their municipality. In these instances, the local governing authority acts as the obligee for the bonds. Several cities in Oregon with established contractor licensing and bonding requirements include:
Surety Bond |
Bond Amount |
Premium |
$5,000 |
From $100 |
|
Washington County Public Improvement Contract Performance Assurance Bond |
$1,000 - $100,000 |
From $100 |
$1,000 - $100,000 |
From $100 |
|
$1,000 - $50,000 |
From $100 |
The obligee for a contractor surety bond in Oregon is the Oregon Construction Contractors Board. This is a continuous bond that remains active until the surety company cancels it. The surety company must provide the Board with a 30-day written cancellation notice.
How to Get Your Oregon Contractor License
Through our resources, you can get full details about how to get an Oregon contractor license. The specific documentation required by the Oregon Construction Contractors Board to get a license includes:
- Application (applications and forms for all contractor licenses)
- Surety bond
- Proof of liability insurance
- Proof of experience
- Pre-license training and proof of completion
- Business entity documentation for an LLC, corporation or assumed business name
- Workers' compensation insurance, if applicable
- State and federal employer and tax account numbers
- $325 application fee
Submit your documentation to:
Oregon Construction Contractors Board
201 High Street SE, Unit 600
Salem, OR 97301
Phone: (503) 378-4621
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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!