Or. Admin. R. 812-003-0153 - Commercial Bonds Generally

(1) A properly executed commercial bond must:

(a) Be signed by an authorized agent of the surety or by one having power of attorney; must bear a bond number; and must be filed within the time stated on the bond.

(b) Be in the form adopted by the Construction Contractors Board as the "Construction Contractors Board Commercial Surety Bond" dated September 28, 2015.

(c) Be filed with the Construction Contractors Board within sixty (60) days from the date the bond is executed by the surety.

(2) If a complaint is filed against a licensee for work done during the work period of a contract entered while the security required under ORS 701.068 is in effect, the security must be held until final disposition of the complaint.

(3) Bond documents received at the agency office from a surety company or agent via electronic facsimile or as a PDF file transmitted by e-mail or electronically may be accepted as original documents. The surety must provide the original bond document to the agency upon request.

(4) A commercial bond is available only for payments determined by the agency involving small or large commercial structures or for the development of property zoned or intended for use compatible with large or small commercial structures.

Notes

Or. Admin. R. 812-003-0153

CCB 5-2008, f. 2-29-08, cert. ef. 7-1-08; CCB 11-2008, f. 6-30-08, cert. ef. 7-1-08; CCB 6-2013, f. 12-19-13, cert. ef. 1-1-14; CCB 2-2018, amend filed 03/27/2018, effective 4/1/2018; CCB 5-2018, amend filed 08/23/2018, effective 9/1/2018

Statutory/Other Authority: 701.235 & ORS 670.310

Statutes/Other Implemented: ORS 701.068 & 701.084