North Carolina Letter of Bondability, Electrical Contractors
North Carolina General Statutes, Chapter 87, Article 4, establishes the Electrical Contractors Board and regulates licensing. An electrical contracting license can be granted as a limited authority, under which a licensee can perform in a single electrical contracting project of a value not in excess of sixty thousand dollars ($60,000) and on which the equipment or installation in the contract is rated at not more than 600 volts, an intermediate authority, under which a licensee can perform a single electrical contracting project of a value not in excess of one hundred fifty thousand dollars ($150,000), or; an unlimited classification, under which a licensee shall be permitted to engage in any electrical contracting project regardless of value. New North Carolina Letter of Bondability requirements have been instituted with new changes to the law. The Board is empowered establish appropriate standards for each classification which are consistent with the provisions of G.S. 87-42, to modify the project value limitations up to the maximum amounts set forth in the statute for limited and intermediate licenses and adjust the bondability requirements for electrical projects in the State of North Carolina.
On application for the North Carolina Electrical Contractor license, the applicant must provide a surety statement of bonding ability completed by a surety company licensed to do business in North Carolina, verifying the the contractor qualifies for performance bonds for electrical contracting projects having a value in excess of fifty thousand dollars ($50,000) for the intermediate license class and in excess of one hundred thirty thousand dollars ($130,000) for the unlimited license classification. This is a change in the previous North Carolina letter of bondability requirements of forty thousand ($50,000) and one hundred ten thousand dollars ($130,000) respectively. The bondability statement must be in the same name as the license to be issued. If the firm for which a license application is filed is owned by a sole proprietor, the bonding ability statement or other financial information may be furnished in either the firm name or the name of the proprietor. If the application is submitted in the name of a sole proprietor, the applicant must submit information verifying that the person in whose name the application is made is in fact the sole proprietor of the firm. Application materials must be submitted to:
NC State Board of Examiners of Electrical Contractors
PO Box 18727
Raleigh, NC 27619-8727
Further information on licensing and regulations can be found at the North Carolina Electrical Contractors Board website at www.ncbeec.org
North Carolina surety bond leader, Surety One, Inc. is a specialist in providing for the bonding needs of the construction, electrical, HVAC and commercial contracting industries. We offer this class of surety instrument to all applicants in every state where contractors must provide verification of bondability. Call (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for a live chat about your North Carolina electrical contractor statement of bonding ability application or information about any surety need.
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