What is a Bond of Qualifying Individual?
A Bond of Qualifying Individual is a surety bond required by the State of California Contractor State License Board (CSLB) in addition to the Contractor’s Bond in certain circumstances. The $12,500 surety bond is required if the license is qualified by a Responsible Managing Employee (RME) or, if the license is qualified by a Responsible Managing Officer (RMO) who owns less than 10% of the corporation’s voting stock.
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