The Home Improvement and Home Elevation Contractor Licensing Act in New Jersey ensures consumer protection and regulates industry standards under N.J.S.A. 45:14F-1 et seq. Among other changes, the requirement of a bond for Home Improvement or Home Elevation Contractors is now in effect. Below is a breakdown to help determine which bond amount you require:
- $10,000: for contracts under $10,000 or yearly contracts totaling less than $150,000.
- $25,000: for contracts between $10,000 and $120,000 or yearly contracts totaling $150,000 – $750,000.
- $50,000: for contracts over $120,000 or yearly contracts totaling more than $750,000.
Bonds Express offers an New Jersey Home Improvement or Home Elevation Contractor Business License Bond with a 99% approval rate.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The New Jersey Home Improvement or Home Elevation Contractor Business License Bond holds you accountable for your business decisions.
By possessing an New Jersey Home Improvement or Home Elevation Contractor Business License Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.