In New York, only a few types of specialty contractors must be licensed at the state level, which in some cases may involve the purchase of a contractor license bond. Some local jurisdictions have licensing and bonding requirements for both general and specialty contractors.
New York’s “Little Miller Act” mandates performance bonds and payment bonds from contractors as a condition for signing a contract for a public works or other state-funded project valued above $100,000. Additionally, many private project owners require performance and payment bonds to protect themselves and any investors. Both government contracting entities and private project owners have the option of requiring bid bonds from contractors competing for a construction contract.
Other construction bonds that contractors in New York may need include:
- Maintenance bonds
- Subdivision/site improvement bonds
- Supply bonds
- Solar decommissioning bonds
- Right of Way bonds
