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Alabama Contractor License Bond's are required
by Alabama's General Contractors Board to obtain your Alabama Contractor
License Bond. The Alabama Contractor License Bond amount is set at
$1,000.
a $1,000 surety bond
There are 3 parts to a Contractor License
surety bond. The Principal "YOU", The Surety Company, and the
Obligee. The Principal is the business or individual applying for the
Contractor License Surety Bond. The Obligee is the individual or entity
requiring the Surety Bond and the Surety Company is the company who provides
the Surety Bond coverage.
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The condition of the
foregoing obligation is such, however, that WHERE AS, the said Principal is
engaged in the business of electrical construction, installation, repair or
electrical contracting in the City of Opelika, Alabama, now if the said
Principal shall faithfully observe all ordinances and laws of the said City
pertaining to said business or businesses, whether now or hereafter enacted
together with all rules and regulations, established under the authority of
said laws and ordinances; and shall perform in a workman-like manner all work
undertaken by said Principal in the prosecution of said business or businesses;
and shall indemnify and save harmless the said City from all liability
occasioned or arising from acts done or omitted by said Principal, its servants
or agents, in doing said work or from any unfaithful. or inadequate work done
by the Principal, his agents or employees; and shall defend all suits brought
against said City based in whole or in part, upon any act or default for which
said Principal is responsible, and pay the cost and expenses thereof, and shall
pay all such damages as any person, firm or corporation may sustain by reason
of violation of said laws, ordinances, or regulations by said Principal, its
servants, or agents, or by reason of the negligence of said Principal, its
servants or agents, in the prosecution of said business or businesses, and
shall pay all licenses and permit fees accruing under any applicable laws.
ordinances or regulations, and shall restore to condition found any street,
alley, sidewalk or other property disturbed in the prosecution of said business
and maintain the same in good repair for a period of one year, then this bond
is to be void, otherwise to remain in full force and effect.
Any person, firm or
corporation injured in person or property by reason of violation of said laws,
ordinances or regulations by said Principal, or by any act, default or omission
constituting a breach of any of the conditions of this bond, may maintain a
suit or action. Hereon for such injury. Several recoveries may be had hereon,
the amounts thereof in the aggregate not to exceed the amount of this bond.
It is FURTHER UNDERSTOOD
AND AGREED between all parties hereto that if the
Surety shall so elect,
this bond may be canceled by giving thirty (30) days’ notice in writing to the
City of Opelika. Alabama, and this bond shall be deemed canceled at the
expiration of the said thirty (30) days, and said Surety remaining liable for
all or any act or acts covered by this bond, which may have been committed by
the Principal up to the date of such cancellation, under the terms, conditions,
and the provisions of this bond.