A New Mexico Contractor Bond is a type of surety bond required for contractors operating in the state of New Mexico. This bond serves as a financial guarantee that the contractor will comply with state regulations, local laws, and contractual obligations when performing construction or related work. It protects the public and the state from potential financial losses caused by the contractor's failure to meet these requirements.
The New Mexico contractor license bond starts at $100 for a 1 year bond. Based on your credit history, prices for the bond can range from $100-$700. We work with over 10 surety carriers to get you the best prices.
In New Mexico, Contractors that do more than $7,200 of construction in a year are required to be licensed and bonded. The bond requirement is outlined in New Mexico Statute 60-13-12 and needs to be filed with the New Mexico Regulation and Licensing Department, Construction Industries Division (CID). The bond amount required is $10,000.
In New Mexico, most contractors engaged in construction-related activities must obtain a contractor's license from the New Mexico Construction Industries Division (CID). The licensing requirement is designed to ensure contractors comply with state regulations, protect public safety, and uphold industry standards. Below is a list of contractor types typically required to obtain a license in New Mexico:
Getting a New Mexico Contractor License Bond involves several steps, but the process is straightforward if you follow these guidelines. Here’s how to obtain the bond:
In New Mexico, contractor licensing is regulated by the New Mexico Construction Industries Division (CID), which operates under the Regulation and Licensing Department (RLD). The CID oversees licensing, compliance, and enforcement for contractors across the state. Its primary responsibilities include ensuring public safety, maintaining industry standards, and regulating construction practices.
Phone: (505) 476-4700
Address: 2550 Cerrillos Road, Santa Fe, NM 87505
If you fail to renew your bond before it expires, your contractor license may be suspended or revoked by the New Mexico Construction Industries Division (CID). Additionally, you may face penalties for operating without a valid bond, including fines and legal action.
