New Mexico Contractor License Bond

New Mexico Contractor License Bond

New Mexico Contractor License Bond


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What is an New Mexico Contractor License Bond? 


New Mexico Contractor License Bond's are required by New Mexico's Department of Commerce and Consumer Affairs to obtain your New Mexico Contractor License Bond. The New Mexico Contractor License Bond amount is set at $10,000. 


 

The State requires a Contractor License bond for :  


a $10,000 surety bond

 

Different parts of a 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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Program:


You can buy your New Mexico Contractor License Bond (Apply) online immediately


New Mexico Contractor License Bond Information and Requirements:


THE CONDITION OF THIS OBLIGATION IS that, whereas the Principal has applied for a license to engage in

contracting in the State of New Mexico, and submits this bond to comply with the requirements of NMSA 1978,

Section 60-13-49, effective July 1, 2009, which statute is incorporated herein as though fully set forth.


NOW, THEREFORE, if Obligee finds that Principal has performed construction work in which a violation of an

applicable building code, as set forth in NMAC Title 14, Chapters 7 through 10, has occurred, and that Principal

after being given a reasonable opportunity to cure such violation, fails to do so, and if the Obligee certifies such

failure to Surety, and Surety shall indemnify any consumer who incurs monetary harm as an actual and direct

result of the certified uncorrected violation against only such loss within Forty Five (45) days of receipt by the

Surety of the documents required to be submitted by consumer to Surety pursuant to NMAC Title 14, Chapter 6,

Part 7.


It is understood and agreed that: the aggregate liability of the Surety shall not exceed the penal sum of this bond;

this bond is continuous in form; and, if the Surety so elects, this bond may be cancelled by the Surety upon thirty

(30) day’s written notice to Obligee, or thirty (30) day’s after Surety’s receipt of Obligee’s written request

therefore. No action may be commenced on this bond after two (2) years from the earlier of: the date on which the

final inspection of the work in which the code violation occurred was performed by the jurisdiction having code

enforcement authority; or the issuance date of a certificate of occupancy for the project in which the code

violation occurred.


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