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Duke Revard By Duke Revard • March 29, 2017

How To Get An Oregon Public Works (BOLI) Bond

oregon boli bond 


Contractors in Oregon who are working on public works projects with a total project cost of more than $100,000, or that are required to pay prevailing wages on a project, must file an Oregon Public Works Bond with the Oregon Construction Contractors Board (CCB).
 
 
Wondering how much an Oregon BOLI Bond would cost you? Get a free Oregon BOLI Bond quote.
 

What is an Oregon Public Works Bond?



An Oregon Public Works Bond (also called a BOLI Bond - Bureau of Labor and Industries Bond) is a type of surety bond that guarantees you will pay your workers a fair wage while working on a government funded project.
 
An Oregon BOLI Bond is not insurance. The bond does not offer you any protection. The bond protects your workers.
 
 
If you are working on a government funded project over $100,000, you will need to supply the Oregon CCB with an Oregon BOLI Bond before you can start the project. This includes flagging and landscaping companies, temporary employment agencies, and sometimes sole proprietors. 
 
Some groups do not need to file an Oregon Public Works Bond. You may be exempt from filing this bond if:
  • You are not required to pay prevailing wages (more info here)
  • In cases of emergency as declared under the OR Revised Statutes (more info here)
  • If you qualify for an exemption for up to 4 years as disadvantaged, minority, woman, service-disabled veteran, or emerging small business.*
 
*New Oregon state law requires disadvantaged business enterprises, minority, women, and service-disable veterans to post this bond if they violate the prevailing wage law. 
 
 
For more information on the bond, please visit the Oregon Public Works Bond information page. 
 
 

How Does an Oregon BOLI Bond Work?

 

An Oregon BOLI Bond is a safeguard for your workers. When you get the bond, you are promising your workers and the state of Oregon that you will pay fair wage while working on a government funded project. Unlikely other performance bonds, the Public Works/BOLI Bond remains continuous and covers all projects during the duration of the bond.

If you fail to pay fail wages during any of the projects, your workers or the state of Oregon can  make a claim on your bond.

You can learn more about what happens if a claim is made on your bond. 

If the surety company has to pay out on a claim, they will come to you for reimbursement. You are responsible for repaying the surety every penny they pay out on a bond claim. 

 

How Much Does an Oregon BOLI Bond Cost?


Oregon has set the Oregon BOLI Bond amount at $30,000. This is just the bond amount. 
 
The price you pay for your bond is based largely on your personal credit score. This is how the surety company evaluates how you would pay back a bond claim.
 
 
Depending on your credit score, you could pay anywhere from 1-15% of the total bond amount. This means you might pay anywhere from $300-$4,500.
 
To see what you'd pay for an Oregon BOLI Bond, get a free quote below:
 

Get a Free Oregon BOLI Bond Quote

 

To get an Oregon BOLI Bond, contact a surety company like Surety Solutions. We've issued BOLI Bonds for all types of customers. Your purchase can be made entirely online. If you live locally in Oregon, you are welcome to the pick the bond up from our office, or we will ship it to you for free.

We are located  less than 4 miles from the Oregon CCB. Let us show you how getting bonded can be easy.

 

For more information on the bond, please visit the Oregon Public Works Bond information page. 

 

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