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Why is a New Mexico Contractor Bond Required?
The bond is conditioned upon the bonded contractor performing construction work in in compliance with applicable building codes, as set forth in NMAC Title 14, Chapters 7 through 10. If a violation occurs and is not cured within a reasonable amount of time, the surety bond will indemnify any consumer who incurs monetary damage as a direct result of the certified uncorrected violation.
Contractor Bonds And Getting Your New Mexico Business License/Registration
Contractors engaged in construction related contracting work in New Mexico must be licensed and may be subject to contractor license bond requirements. Licensing activities includes general construction work, electrical, mechanical and plumbing and LP gas. These activities that are considered to be contracting in New Mexico are more specifically defined in the Construction Industries Licensing Act, NMSA 1978, Section 60-13-3.
Generally, the definition includes: any person who undertakes, offers to undertake by bid or other means or purports to have the capacity to undertake, by himself or through others, contracting. Contracting includes constructing, altering, repairing, installing or demolishing road, highway, bridge, parking area or related project; building, stadium or other structure; airport, subway or similar facility; park, trail, bridle path, athletic field, golf course or similar facility; dam, reservoir, canal, ditch or similar facility; sewerage or water treatment facility, power generating plant, pump station, natural gas compressing station or similar facility; sewerage, water, gas or other pipeline; transmission line; radio, television or other tower; water, oil or other storage tank; shaft, tunnel or mining appurtenance; leveling or clearing land; excavating earth; air conditioning, conduit, heating or other similar mechanical works; electrical wiring, plumbing or plumbing fixture, consumers' gas piping, gas appliances or water conditioners; or similar work, structures or installations which are covered by applicable codes pursuant to the provisions of the Construction Industries Licensing Act.