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.
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