Who needs a nonresident contractor license bond in Oklahoma?
Nonresident contractors working in Oklahoma whose contracts exceed $100,000 must register with the Oklahoma Tax Commission (OTC) and post a surety bond. The bond requirements range from $10,000 to $100,000, depending on the type of work. The OTC will notify you of your bond amount upon registration.
These contractors must also provide the following:
- A registration application
- Notification of accepted contract(s) to the Tax Commission, Oklahoma Employment Security Commission, State Industrial Court, and county assessor of each county where work is done
- Forms requested from each of the departments above upon notification of work
Complete registration requirements are listed in the Oklahoma Business Registration Packet for Nonresident Contractors.
Need to purchase or renew your bond ASAP? Give us a call at (888) 435-4191, and we’ll help you get bonded in a zip! You can also check out our page on Oklahoma contractor bonds for resident bonding information.
Get Your Oklahoma Nonresident Contractor Bond:
How does an Oklahoma nonresident contractor bond work?
A contractor license bond ensures clients receive quality work from their contractors. By signing the bond agreement, contractors hold that their work will abide by the standards and regulations of the obligee (State of Oklahoma). Clients can file a claim if a contractor breaks the signed bond contract. If a claim is valid, the surety will initially compensate the claimant, but the contractor will be held responsible for repaying the surety for all costs involved.
You will pay a premium, a percentage of the bond amount, to acquire your bond. ZipBonds can often get you bonded the same day you apply, and premiums start at just $100.
Frequently Asked Questions
You must keep your bond, registration, and worker’s compensation up to date to remain in good standing in the State of Oklahoma. You can verify your bond renewal deadline on your bond form.
The bond amount is the maximum dollar value a client can request for damages. However, clients may seek other compensation methods if damages exceed this limit. As a contractor, it is best to avoid claims by working professionally and efficiently and answering client complaints as they arise.
Apply for your Contractor Bond in Oklahoma
ZipBonds offers the fastest and most secure option for getting bonded. Our all-digital platform is intuitive and straightforward. Apply online, email firstname.lastname@example.org or call 888.435.4191 to speak with an agent directly.
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.