Those engaged in Road Construction in Rhode Island that requires a Utility Permit are required by the Rhode Island Department of Transportation to file a Rhode Island Contractor’s Utility Bond as a condition of licensure.
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 Rhode Island Contractor’s Utility Bond holds you accountable for your business decisions.
By possessing a Rhode Island Contractor’s Utility Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.