City of Richmond, Virginia Contractor Bonds
Who needs contractor bonds in Richmond, Virginia?
All contractors working in Richmond must be licensed with the State of Virginia and post a $50,000 surety bond (see form preview). The state provides complete contractor license requirements.
If you have any questions about the bond process, don’t hesitate to call ZipBonds at (888) 435-4191. Our agents are ready by the phone and always happy to help!
You can also check out our page on Virginia contractor license bonds for state-specific information.
Get Your Richmond Contractor Bond:
How do contractor bonds work?
Contractor license bonds provide financial protection for the project owner or client if the contractor fails to fulfill their contractual obligations or otherwise causes financial harm. In the context of bond claims, the client or project owner can file a claim against the contractor’s bond if they believe the contractor has breached their contract.
To initiate a bond claim, the client or project owner must submit a written claim to the surety company that issued the bond. This claim must include specific information about the alleged breach or harm, such as a description of the work that was not completed or evidence of financial losses incurred due to the contractor’s actions.
The surety company will then investigate the claim to determine its validity and whether the contractor is liable for any damages. If the claim is valid, the surety company will pay out a sum from the contractor’s bond to cover the damages up to the limit of the bond amount. The contractor is then responsible for repaying the surety company for any money paid out on their behalf.
You’ll pay a premium, or a small percentage of the penal sum, to post your bond. ZipBonds can often file these bonds instantly for as little as $100.
Frequently Asked Questions
The initial bond term will often last for the remainder of the calendar year in which you post the bond. You must then renew your bond annually for it to remain active (for the duration of your project). The bond renewal date will be listed on your bond form.
The bond amount, also called the penal sum, is the maximum dollar value a client can seek from a bonded contractor. If damages exceed this amount, clients may seek alternative means of compensation.
Apply for Your Contractor Bond in Richmond, VA
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.