Who this applies to
Virginia makes the bond an option, not a condition, and the license class decides whether the option exists at all.
- Class A firms must document a net worth of $45,000 [3], or may file a $50,000 [3] surety bond on the board's form in its place.
- Class B firms must document a net worth of $15,000 [4], or may file a bond of the same $50,000 [4].
- Class C licensees face neither the net-worth requirement nor the bond.
The bond is therefore a question for Class A and Class B applicants, and for Class A and B licensees at renewal, that do not document the net worth their class calls for. A Class A or B firm that documents its net worth has no bond to file under these provisions, and a Class C firm is outside them entirely.
What the rule says
The statute puts the obligation on financial responsibility and treats the bond as one way of showing it. Va. Code § 54.1-1106 [1] lets a Class A applicant meet that test with a $50,000 [1] bond, obtained and maintained, as an alternative to complying with subsection B. Section 54.1-1108 [2] is the Class B counterpart. The board's regulations carry the same choice into each class's license requirements, 18VAC50-22-60 [3] for Class A and 18VAC50-22-50 [4] for Class B, and they specify a surety bond on the board's own bond form.
The statute's verbs matter here. The applicant elects to obtain the bond and to maintain it, so the wording reaches past the day of filing.
How to comply
Virginia's Board for Contractors, part of the Department of Professional and Occupational Regulation (DPOR), licenses contractors; its page is at dpor.virginia.gov/Boards/Contractors.
Start with the class. A Class C application or renewal involves no net-worth figure and no bond. For Class A or B, the firm picks between documenting net worth and posting the $50,000 [1] bond. If the bond is the route, it goes on the board's bond form, it is filed with the Department, and it comes from a corporate surety licensed in Virginia and approved by the Attorney General. From then on the bond has to stay in place, since the statute asks for it to be maintained as well as obtained.
Before filing, confirm the class thresholds and the current bond form with DPOR; the statutes and regulations are listed under Sources.
Related
- All states' bond requirements: Virginia beside every other state's figure and statute.
- Contractor license bond cost calculator: gives an annual premium range from a bond amount and a credit tier.