Get the free Oregon Statutory Public Works Bond - oregon
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This document serves as a bond required for contractors working on public works projects in Oregon, ensuring payment of wages to workers as mandated by Oregon law.
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How to fill out oregon statutory public works
How to fill out Oregon Statutory Public Works Bond
01
Obtain the Oregon Statutory Public Works Bond form from a licensed surety provider.
02
Complete the principal information section, including the name of the contractor and the project details.
03
Fill in the bond amount, which should be specified in accordance with Oregon state law.
04
Include the duration of the bond, ensuring it covers the required time frame for the public works project.
05
Provide the legal name and address of the surety company issuing the bond.
06
Have the bond signed by the contractor and an authorized representative from the surety company.
07
Obtain the official seal of the surety company on the bond.
08
Submit the completed bond to the relevant government agency or project owner as required.
Who needs Oregon Statutory Public Works Bond?
01
Any contractor or subcontractor engaged in public works projects in Oregon must obtain an Oregon Statutory Public Works Bond to guarantee compliance with state laws and regulations.
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How much does a $20,000 surety bond cost?
Surety Bond Cost Table Surety Bond AmountYearly Premium Excellent Credit (675 and above)Average Credit (600-675) $20,000 $200 - $600 $600 - $1,000 $25,000 $250 - $750 $750 - $1,250 $30,000 $300 - $900 $900 - $1,5007 more rows
What is an Oregon public works bond?
This bond is for the exclusive purpose of payment of wage claims ordered by BOLI to workers performing labor upon public works projects in ance with ORS chapter 279C, as amended by Oregon Laws 2005, chapter 360.
How much is a surety bond in Oregon?
How Much Does an Oregon Surety Bond Cost? An Oregon surety bond typically costs 1% - 5% of the total bond amount needed. For example, a $50,000 Oregon auto dealer bond costs $500 - $2,500. The small percentage paid to get a bond is known as a bond rate or bond premium.
How much does it cost to get a $5000 surety bond?
Surety bond premiums are calculated as a small percentage of the bond amount. $5,000 surety bonds typically cost 0.5–10% of the bond amount, or $25–$500. Highly qualified applicants with strong credit might pay just $25 to $50, while an individual with poor credit will receive a higher rate.
What is a public works project in Oregon?
Public Works projects preserve or enhance existing City infrastructure - streets, pedestrian and bicycle facilities, wastewater sewers, stormwater facilities, and parks - and provide new and expanded facilities to serve community needs and growth.
How much does a surety bond cost in Oregon?
An Oregon surety bond typically costs 1% - 5% of the total bond amount needed. For example, a $50,000 Oregon auto dealer bond costs $500 - $2,500. The small percentage paid to get a bond is known as a bond rate or bond premium. For most bonds, this is calculated using a soft credit check.
How much does a $7 500 surety bond cost?
$75,000 surety bonds typically cost 0.5–10% of the bond amount, or $375–$7,500. Highly qualified applicants with strong credit might pay just $375 to $750, while an individual with poor credit will receive a higher rate.
How to get a bond for CCB Oregon?
Bond Requirements The bond(s) must be issued on a CCB bond form. No other bond form will be accepted. If your bond company does not have the CCB bond forms, they should call the CCB at (503) 378-4621.
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What is Oregon Statutory Public Works Bond?
The Oregon Statutory Public Works Bond is a type of surety bond that is required for contractors who engage in public works projects in Oregon, ensuring that they will comply with state laws and fulfill their contractual obligations.
Who is required to file Oregon Statutory Public Works Bond?
Contractors who are bidding on or performing public works projects in Oregon are required to file the Oregon Statutory Public Works Bond.
How to fill out Oregon Statutory Public Works Bond?
To fill out the Oregon Statutory Public Works Bond, contractors must provide necessary information such as their business name, address, and the amount of the bond, and submit it to the appropriate governing authority.
What is the purpose of Oregon Statutory Public Works Bond?
The purpose of the Oregon Statutory Public Works Bond is to ensure the protection of workers and subcontractors by guaranteeing payment for labor and materials, as well as ensuring compliance with labor laws and regulations.
What information must be reported on Oregon Statutory Public Works Bond?
Information that must be reported on the Oregon Statutory Public Works Bond includes the contractor's details, bond amount, details of the public works project, and signatures from the surety company and the contractor.
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