Maine Contractor Bond License Guide
Maine requires contractors to obtain a contractor bond to become licensed. The amount for these bonds varies depending on the type of contractor, location, and project. Some of these bonds can be issued instantly online for a set premium or are prorated for the bond term’s end date.
Why are contractor bonds required in Rhode Maine?
Contractors in Maine are required to post surety bonds prior to starting work. These bonds ensure the principal (contractor) will abide by all applicable rules and legislation outlining the classification-specific work, in addition to protecting consumers from damages caused by negligent or faulty work. Obligees (Maine government entities requiring the bond) place the liability on the principal.
Affected contractors can file a claim against the surety bond; if found to have validity, the surety (the company that financially backs the bond) will pay the claim up to the bond’s full amount. However, the principal is required to reimburse the surety in full for any money paid out.
Right of Way Bond
Right-of-way performance contractors are required by the state of Maine to post a surety bond. The bond amount ranges from $1,000 to $1,000,000 for a one-year term. The applicant’s credit history must be reviewed by a surety underwriter as the cost of the bond is currently underwritten. A contractor must submit an application to become certified to work within the state. Applicants are also required to include a map of the project (showcasing the location and surrounding facilities), any forms that are related to the right-of-way construction, a plan of development, and documents creating the entity, including corporate bylaws and articles of incorporation.
Visit the Bureau of Land Management for more information on right-of-way performance bonds.
Visit SuretyBonds.com or call us at 1 (800) 308-4358 to talk to a representative and get started on getting your Vermont contractor bond today!
Search all contractor bonds in Maine
Over the years, our bonding experts have put together the most comprehensive surety bond library. Most of our contractor bonds can be purchased instantly online in only a few minutes.
Use the list on the right below to browse all of our available contractor bonds in Maine You can also try searching by bond amount, obligee, or bond name.