At Sussman Shank, we are committed to keeping you informed about crucial developments in the construction industry. As such, we bring to your attention a significant change that affects all contractors licensed with the Oregon Construction Contractors Board (“CCB”).
Effective January 1, 2024, the CCB is increasing by $5,000 the minimum surety bond amount for all licensees. It is essential for all contractors to be aware of this change because it may directly impact your compliance with CCB licensing requirements.
If you haven’t already heard from your surety/bond provider, we advise you to reach out to them to ensure that you are in compliance with the increased minimum bond requirements necessary to maintain your licensing status. It’s crucial to understand that being properly licensed, endorsed, bonded, and insured is a fundamental prerequisite for a contractor to validly perform work in Oregon and to maintain an action for payment, if necessary.
For more information and frequently asked questions regarding this surety bond increase, visit the official Oregon Construction Contractor’s Board website, CCB Bond Amount Increase FAQ: https://www.oregon.gov/ccb/Pages/Bond-Amount-Increase-FAQ.aspx
Please contact us with any questions.
Sussman Shank LLP Construction Group
Sussman Shank’s Construction Industry Group has extensive experience handling a wide range of projects and challenges. We offer clients a wealth of industry knowledge and a unique interdisciplinary approach, recognizing that construction projects involve various teams and timelines. Our team excels in providing corporate, transactional, and litigation expertise. With over 100 years of cumulative experience, we also possess in-depth knowledge of the local, state, and regional construction industry.