If your bond is in cash, the agency will retain it until two years after license termination. If that happens, you will have to replace the bond. You may be required to pay premiums to the insurance company periodically to keep the bond in force but the bonding company has the right to cancel the bond. Surety bonds must have a continuous validation date. Surety bond payments require a completed form written by a surety company authorized to transact business in Nevada and whose long-term obligations are rated “A” or better. The board is required to hold the cash deposit for an additional two years after license termination or relief of the bond requirement. A biennial administrative fee of $200 will be charged for all cash bond deposits. Cash deposits must be in the form of a Cashier’s Check for the full amount of the bond. Once the amount is determined, either a surety bond or a cash deposit will be required. The State of Nevada Contractors License Board will determine the amount of the bond based on the type of license requested, monetary limit granted, past, present or future financial responsibility, experience and character of the applicant. The bond can vary between $1,000 and $500,000 and is determined at the time of license approval. Nevada contractors are required to license a bond, in supplement of a contractor’s license.
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