North Carolina Statement of Bonding Ability

North Carolina Statement of Bonding Ability

The NC State Board of Examiners of Electrical Contractors (NCBEEC) requires electrical contractors applying for an Intermediate or Unlimited license to provide a Statement of Bonding Ability to verify they can acquire a performance bond at an adequate amount for electrical construction jobs. Intermediate Licenses must furnish a Statement of Bonding Ability for excess of $60,000 for Intermediate Licenses, and Unlimited Licenses in excess of $150,000.

PURCHASE STATEMENT OF BONDING ABILITY

With Jet you can get a Statement of Bonding Ability instantly!

How Much Is a Statement of Bonding Ability? 

A Statement of Bonding Ability is simply $120 for the Intermediate licenses requiring a $60,000 statement, and $300 for Unlimited licenses requiring a $150,000 statement. Jet can get this Statement of Bonding Ability in your hands immediately with no credit check required!

North Carolina Statement of Bonding Ability Cost
Bond Minimum Cost
$60,000 $120
$150,000 $300
 

How Do I File the Statement of Bonding Ability to the NCBEEC?

The Statement of Bonding Ability must be filed along with your initial license application. The license application can be mailed, faxed, emailed, or delivered by hand to the State Board of Examiners of Electrical Contractors. The fax is (800) 691-8399 and the address below.

State Board of Examiners of Electrical Contractors
3101 Industrial Drive, Suite 206
Raleigh, NC 27609

The NCBEEC requires that everything in the license application is filed together to alleviate confusion and mishandling.

Who Needs A Statement of Bonding Ability?

The Statement of Bonding Ability is required for a new Intermediate or Unlimited License. Intermediate License holders will need a Statement of Bonding Ability for $60,000, and Unlimited Licenses for $150,000. The difference between the two licenses are just that Intermediate License Contractors can only perform work up to $150,000 in value, while the Unlimited License Contractors are allowed to perform work at any value.

Contractors applying for a Limited License or one of the seven Special Restricted License classifications are not required to provide Statement of Bonding Ability. However if the license holder changes the classification to an Intermediate or Unlimited License, then a Statement of Bonding Ability is required.

Any change of the entity or owner of the business holding the license will require a new license and a new Statement of Bonding Ability.

Jet’s Statement of Bonding Ability Process

Jet’s process is simple! Click on the button below to input a few pieces of information and get a Statement of Bonding Ability in your hands right now.

PURCHASE STATEMENT OF BONDING ABILITY

Can the Statement of Bonding Ability Be Cancelled or Renewed?

The Statement of Bonding Ability cannot be cancelled or renewed. The statement is only needed one time when applying for a new Intermediate or Unlimited License. 

Should I Be Worried About a Claim on My Statement of Bonding Ability? 

No. The Statement of Bonding Ability is not like a normal surety bond, it does not protect anyone from financial harm from your work or obligations as a license holder. The statement simply provides the NCBEEC with verification that you will be approved for a performance bond in excess of the required amount. Listed on the statement.

 

North Carolina Statement of Bonding Ability Bond Form