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Duke Revard By Duke Revard • October 23, 2014

All Alaska Contractors License Bond Amounts To Increase In 2015


Alaska Contractors License Bond

 


The Alaska Contractors License Bond Amounts to Increase in 2015


All those Construction professionals with Alaska Contractors Licenses will now have to pay a bit more for their surety bond. Effective January 1, 2015, Senate Bill 193, is set to increase the required construction contractor bonding amounts for general contractors, residential contractors and mechanical/specialty contractors.

 

New Alaska Contractor Bond Amounts

 

  • The New Alaska Contractors License Bond amount for General Contractors will now be $25,000.

  • Alaska General Contractors who ONLY perform residential work will only be required to have a $20,000 Contractor Bond.

  • Those with Alaska Contractors Licenses as Mechanical or Specialty Contractors or Home Inspectors are required to maintain a $10,000 Contractor Bond.

  • Alaskan Contractors whose work on one project with an aggregate contract price of $10,000 or less, including all labor, materials, and other items, when the work is not part of a larger or major operation or otherwise divided into contracts of less than $10,000 to evade a higher bonding requirement, can obtain a $5,000 Alaska Contractors License Bond. 



Alaska Contractors License Bond

 

 

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