Bonds for Florida Contractors with FICO Score Lower than 660
Applying for your Florida general contractor license requires proof of financial stability. Florida construction license bonds vary in price depending on which surety bond is needed and the amount of the bond. A $10,000 to $20,000 for Division 1 contractors such as residential and commercial GC’s or the Sub 660 FICO Score Construction License Bond amounts range from $5,000 to $10,000 for a Division 2 contractor license (HVAC, Electric, Plumbing, Roofing).
Bid Bonds in Florida
A bid bond is a bond that is provided along with your proposal at the time of the bid opening. It is usually 5% or 10% of your estimate and guarantees to the Owner/GC that if you are a low bidder and awarded the project a Performance and Payment bond will be provided to them. No payment is required for bid bonds.
Performance and Payment Bond in Florida
Typically 100% of the contract and guarantees to the Owner/GC that the project will be completed according to the contract terms and that all the bills to subcontractors or suppliers will be paid. A premium is charged for a Performance and Payment bond.
License Bonds and Permit Bonds in Florida
Bonds provided to the City or County to guarantee you comply with the local codes and the regulations of that particular city or county. Sometimes a license bond or permit bond is required to work in a certain city or county. This is just a small sample of the type of surety bonds in Florida that we can provide.