Effective May 2018, the Contractor's Licensing Board will accept a South Carolina General Contractor surety bond in lieu of qualification based on the legacy minimum net worth standards. Per the Board, "Beginning with this (2018-2018) license renewal cycle, the Board can now accept a surety bond in lieu of a financial statement for both renewals and initial applications. An applicant may provide a surety bond in the amount of two (2) times the net worth requirement for the Group Level for which he or she applies. The tiers (Groups) are as follows:
The terms of the obligation are statutory. The South Carolina General Contractor license bond must conform to the requirements as set forth in Section 40-11-262, "(1) be continuous in form and must be maintained in effect for as long as the applicant maintains the license issued by the department or until the applicant submits a financial statement showing that he meets the net worth requirements for the his license group; (2) name the State of South Carolina as obligee; (3) issued to benefit of any person who is damaged by an act or omission of the applicant constituting a breach of construction contract or a contract for the furnishing of labor, materials, or professional services for construction undertaken by the applicant, or by any unlawful act or omission of the applicant in performing construction; and (4) be in addition to, and not in lieu of, any other surety bond required of the applicant by law or regulation (local or state). The South Carolina general contractor's license bond may be canceled by notification to the Board by the surety and the applicant thirty days prior to the effective date of the cancellation." All surety bonds and application materials must be submitted to:
South Carolina General Contractor's Licensing Board
Synergy Business Park; Kingstree Building
110 Centerview Dr.
Columbia, S.C. 29210
While some limited exemptions may apply to licensed GCs, there are three classes of residential contractor that must register with the South Carolina Department of Labor, Licensing and Regulation Residential Contractor Licensing Division and file a surety bond. Learn more about these requirements below.
South Carolina surety bond leader, Surety One, Inc. is a specialist in providing for the bonding needs of general contractors. We offer this class of surety bond and performance bonds to all applicants in every state where contractors must be bonded. Although personal credit is a factor in surety bond underwriting, we have programs to fit EVERY credit condition. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here for a live chat regarding a South Carolina general contractor's license bond application or to discuss your particular needs.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.