Who needs a contractor license bond in North Little Rock?
The City of North Little Rock requires contractors to file contractor license bonds to register with the city. The required bond amount is $10,000.
Get Your North Little Rock Contractor License Bond:
How does a North Little Rock contractor license bond work?
This surety bond protects the City of North Little Rock, the obligee, against any financial losses due to failure on the principal’s (contractor’s) part. If you – as the contractor – don’t follow all state and local laws, make poor financial decisions, or act unethically, the obligee may file a claim on your bond. The surety is the party that issues the bond, which guarantees your contracted work. The surety will initially pay out claimed losses to clients if you fail to meet obligations. Ultimately, however, you are responsible for repaying your surety in full. To obtain a contract license bond, you will pay a premium, which generally is $100 annually. Expect to receive a better premium rate with excellent financial standing. Check out our page on contractor license bonds in Arkansas for more information.
How to Get Your North Little Rock Contractor’s License
To obtain a North Little Rock contractor license, you must first decide if you need a commercial or residential license.
Commercial License
Follow these steps to get your commercial license:- Fill out the contractor application and pay the $100 filing fee.
- Include three written references to the city’s reference forms.
- Pass the Arkansas Business and Law exam.
- Submit a $10,000 surety bond.
- Provide an up-to-date financial statement. If your business is a corporation or LLC, include a copy of your Articles of Incorporation.
- If your business has employees besides yourself, submit proof of worker’s compensation.
Residential License
Residential contractors have the same licensing requirements as commercial contractors with one exception. They must also submit a current balance sheet that is less than one year old, showing a positive net worth.
Apply for a Contractor License Bond in North Little Rock, Arkansas
ZipBonds offers the fastest and most secure option for getting bonded. Our all-digital platform is intuitive and straightforward. Apply online, email support@zipbonds.com or call 888.435.4191 to speak with an agent directly.
About ZipBonds.com
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.