Bonds are now available for mechanical and general contractor licenses in South Carolina. Jet offers a quick and easy bond process to efficiently help contractors start or renew a license with South Carolina Contractor’s License Board.APPLY NOW
The South Carolina Contractor’s License Board, as of May 2018, allows general and mechanical contractors to use a bond in lieu of financial statements for license activation and renewal. The Contractor’s License Board looks at a contractors net worth or total equity on the financial statements to determine which group the contractor falls in. Each group has a limit on the size of projects that can be performed. Groups and limitations are listed here .
|General Contractor Bond Limits|
|Group: Group 1||Bond Limit: $20,000|
|Group: Group 2||Bond Limit: $80,000|
|Group: Group 3||Bond Limit: $200,000|
|Group: Group 4||Bond Limit: $350,000|
|Group: Group 5||Bond Limit: $500,000|
|Mechanical Contractor Bond Limits|
|Group: Group 1||Bond Limit: $7,000|
|Group: Group 2||Bond Limit: $20,000|
|Group: Group 3||Bond Limit: $40,000|
|Group: Group 4||Bond Limit: $80,000|
|Group: Group 5||Bond Limit: $400,000|
The bond is a great option for contractors who would like to work on projects that are higher limit than what their net worth allows. Commonly contractors that have an Employee Stock Option Plan (ESOP) have trouble showing a good net income, so many utilize the bond option.
Getting a bond through Jet is an easy process. However, submitting financial statements is not as simple with the South Carolina Department of Labor, Licensing, and Regulation. Groups One and Two must complete and notarize Document 172 . Groups Three to Five must have a licensed CPA or PA prepare the financial statements for the board.
Unlike other contractor licenses in South Carolina, mechanical and general contractor license holders can perform commercial and industrial work as well as residential.
|Boring & Tunneling|
|Glass & Glazing|
|Pre-Engineered Metal Bldgs|
|Water & Sewer Lines|
|Water & Sewer Plants|
|Wood Frame Structure|
|Pressure and Process Piping|
In South Carolina, the Contractor License Board keeps a common expiration date of October 31st for mechanical and general contractors, however the two are separated between even and odd years. Mechanical contractor licenses renew their license every even-numbered year and general contractors are every odd year.