Oklahoma Contractor License Bond's are required by Oklahoma's Construction Industries Board to obtain your Oklahoma Contractor License Bond. The Oklahoma 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, the Conditions of this obligation are such that if said PRINCIPAL shall fully
and faithfully comply with the provisions of the laws, rules and regulations governing the authority
to do and perform the business authorized by said license (s) then this obligation shall be nonpayable
to OBLIGEE, and shall remain in full force and effect until such time as this obligation of
SURETY is cancelled.
THE SURETY may cancel this bond and its continuing obligation hereunder at any time by filing
written notice with the OBLIGEE thirty (30) days prior to the date thereof. Upon cancellation the
SURETY shall not be discharged nor relieved of or from any claim or liability accrued or accruing
by reason of any violation of any law, rule or regulation by PRINCIPAL prior to the effective date
of cancellation. Cancellation by the SURETY shall have no effect upon the obligations or liabilities
of the PRINCIPAL to any person, party or OBLIGEE.