What is a Bonded Contractor?
Contractors are required to submit a $25,000 bond as part of the registration process in the City of Solon. Once this document is on file with the city, the contractor is legally permitted to say that he is bonded. However, it is important for our residents to know that this bond only assures the city that all work done by this contractor will be in accordance with the city’s building codes, standards, and ordinances.
This bond does not provide any guarantee to a resident that a project will be done in a timely manner, at an agreed to price, and in a fashion that meets the resident’s understanding of what is to be done. Items such as these must be clearly defined in the contract between the resident and the contractor for the specific project to be done. Please be certain that any contract you sign is very clear as to the extent of the work to be done, the quality of the materials and labor to be supplied, the time frame within which the work is to be done, and the total cost of the project, including the cost of any required permits.
Performance & Payment Bond
Should you wish to have the contract performance guaranteed, your agreement should also require that the contractor furnish a performance and payment bond issued by a reputable surety company.