What is the Ohio City of Olmsted Falls Contractor’s License Bond?
The City of Olmsted Falls Building Department, responsible for approvals, permits, and inspections of additions and new construction, requires contractors to purchase an Ohio City of Olmsted Falls Contractor’s License Bond in order to obtain a contractor’s license.
Like other surety bonds, this bond is a contract between three parties: the principal (the contractor), the obligee (the City of Olmsted Falls), and the surety company. The bond provides the obligee with assurance that any authorized work performed by the principal complies with the Ohio Building Code and Olmsted Falls Codified Ordinances.
If the principal fails to adhere to relevant laws or operates fraudulently, the injured party may file a claim against the principal’s bond. After an investigation into the validity of the claim, the surety may compensate the injured party up to the full bond amount if the principal does not resolve the claim. Construction defects, physical harm, acts of fraud, and non-compliance with contract requirements are a few examples of business practices that may result in claims.
As opposed to an insurance policy, surety bonds require the principal to reimburse the surety company for all claims paid out plus additional fees and expenses incurred by the surety.
Who has to get this bond?
As part of the contractor registration for Olmsted Falls, contractors performing work within the city’s boundaries are required to have the Ohio City of Olmsted Falls Contractor's License Bond. Any individual who is an independent business owner and installs, alters, or repairs buildings or structures is considered a contractor.
Registration is required for contractors, subcontractors, firms, corporations, and individuals to work in Olmsted Falls. The new Codified Ordinance 42-94 also includes painting contractors, wallpapering contractors, and landscapers as required registrants.
How much does an Ohio City of Olmsted Falls Contractor’s License Bond cost?
The Olmsted Falls, Ohio Contractor License Bond requires a bond amount of $25,000 and must be renewed annually, expiring every December 31. Fortunately, you do not have to pay the full amount in order to obtain your bond.
With EZ Surety Bonds, we offer these bonds for a $125 premium for a one-year term. All you need is to complete our short online application and submit your payment to receive your bond. Unlike many other contractor license bonds, this bond does not require a credit check.
Obligee Information
The obligee, which is the entity that requires you to get the Ohio City of Olmsted Falls Contractor’s License Bond, is the City of Olmsted Falls. Their contract information follows.
City of Olmsted Falls
Building Department
9234 Columbia Rd.,
Olmsted Falls, Ohio 44138
Phone: (440) 235-1055
How to get your Ohio City of Olmsted Falls Contractor’s License Bond
No matter what type of bond you need, getting it through EZ Surety Bonds is quick and easy, and quotes are free. To obtain your Olmsted Falls, Ohio Contractor License Bond, simply fill out our quick online application and submit your payment. When you receive your bond, you may then file it with the obligee, the City of Olmsted Falls.
Our friendly surety experts are always happy to assist. If you have any questions, please contact bonds@southcoastsurety.com or call 1-800-361-1720.
Frequently Asked Questions
How do I register for an Ohio City of Olmsted Falls Contractor’s License?
The City of Olmsted Falls has the following requirements for its contractor registration:
- State of Ohio Workers Compensation Certificate,
- RITA form filled-out,
- Copy of your Certificate of Insurance,
- Certificate of Competency, if applicable,
- Olmsted Falls, Ohio Contractor License Bond.
There is also an annual contractor registration fee of $100.00, effective every January 1. All submissions must be received by the obligee before registration can be processed.
How much is an Ohio City of Olmsted Falls Contractor’s License Bond?
You can obtain your Ohio City of Olmsted Falls Contractor’s License Bond, with the required $25,000 bond amount, for a premium as low as $125 without the need for a credit check. Simply fill out our quick online application.
After I purchase my Ohio City of Olmsted Falls Contractor’s License Bond, what do I do?
After you purchase your bond, we will mail the original document to you. The City of Olmsted Falls requires the principal to file the original bond with them. Most obligees require the original bond to be signed by the principal and have an original embossed, foil, or stamped seal. Every obligee has its own requirements that are subject to change, so be sure to confirm your obligee's bond filing requirements before doing anything with your bond.
