Mississippi Contractor License Bond's are required by Mississippi's Department of Commerce and Consumer Affairs to obtain your Mississippi Contractor License Bond. The Mississippi Contractor License Bond amount is set at $5,000.
a $5,000 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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Now therefore, if the above bound principal shall faithfully perform all work under the said license and do and
perform all work in connection with the erection, construction or maintenance required under each and every permit
granted under the said license, and make all installations (or house moving, as the case may be) required under any
permit granted therefor strictly in accordance with the terms thereof, and with the rules and regulations and ordinances of
the City of Jackson and the laws of the State of Mississippi, and shall further pay to the City of Jackson the sum of One
Hundred Dollars ($100.00) as liquidated damages for each and every violation of any of the provisions of said permit and
the rules and regulations and ordinances of the City of Jackson and of the laws of the State of Mississippi in the erection,
construction, maintenance, or installation of any work (or in the moving of any house, as the case may be) required under
any permit issued to said principal under said license and, in addition thereto, shall indemnify and save harmless the City
of Jackson, its officers and agents from any and all claims, damages, suits, actions or causes of action arising from or
growing out of any act done in violation of the said permit and the rules, regulations, ordinances and laws, then this
obligation shall be null and void; otherwise to remain in full force and effect.
It is agreed and understood, however, that the said contractor shall be given five (5) days’ notice of any violation
for which the liquidated damages above provided for should be paid, within which five (5) days the said contractor would
have opportunity to make the necessary correction, and upon his failure so to do demand will be made for payment of the
liquidated damages hereinabove provided for.
It is further provided that this bond may canceled by the surety upon written notice of cancellation delivered to the
Director of the Building Department, provided, however, that such cancellation shall not affect any liability which has
theretofore become fixed, and shall not affect permits theretofore granted, the work under which has not been completed.