Nevada Contractor License Bond

What does this bond cover

The Nevada Contractor License Bond provides protection for those who may be harmed by a contractor's failure to fulfill contractual obligations. The bond covers valid claims from:

• Property owners damaged by a contractor's failure to perform the contract or remove liens
• Employees who performed labor on the construction site
• Suppliers or materialmen who furnished materials or equipment for the construction
• Parties injured by any unlawful act or omission of the contractor

Bond requirements and conditions

The bond must remain in force continuously. If the surety terminates the bond, written notice must be served to the State Contractors' Board at its Reno office by certified mail at least sixty days prior to termination. The surety is discharged from liability for any defaults occurring after the termination date.

The total aggregate liability of the surety for all claims is limited to the $15,000 face amount of the bond, regardless of how many years the bond is in force or how many claims are filed. No action may be commenced on this bond after two years following the commission of the act upon which the action is based.

If an action is commenced on the bond, the surety must notify the Board within 30 days after being served or the action commencing. If the surety makes any payments under the bond, it must notify the Board in writing within 10 days.

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