Construction Surety Bond Illinois

If you’re looking to start or run a business in the Illinois area, you’re probably going to need to obtain a Surety Bond. This document is required by various government and business agencies, including the State of Illinois. Illinois’ Surety Section is responsible for the authorization and revocation of civil sureties, as well as the collection, enforcement, and general supervision of surety obligations.

There are a variety of surety bond types available, depending on the type of work you do. A plumbing contractor in Illinois, for example, will likely need a bond of $20,000 or more. Wrecking contractors and drainlayers, on the other hand, may need a $50,000 bond. The cost of the bond is determined by your surety’s credit score.

A surety bond is an unusual type of insurance. Unlike other types of insurance, surety bonds are not paid by the company that issues the bond, but by the person who receives it. For example, if a government agency contracts a contractor to build a new office building for them, it will need a surety bond to ensure that the government won’t be out of pocket when the project doesn’t turn out the way it was planned.

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Fraudulent surety bonds are a major problem in Illinois. Fraudulent bond companies often make false claims to obtain funds. The government prosecutes these fraudsters under federal wire fraud laws. If you’ve been accused of surety bond fraud, it is critical to seek legal counsel as soon as possible. A Illinois-area defense attorney can help you protect your rights.

A contract surety bond guarantees that a contractor will pay subcontractors, laborers, and suppliers. A maintenance bond, on the other hand, protects the project owner from any losses, usually lasting one to two years. Surety bonds are also required by governmental entities for the protection of the public interest. Certain types of contractors must obtain surety bonds in order to operate legally.