Types of Surety Bonds: New Mexico Surety Bond Requirements
There are three types of surety bonds that can be required of you:
- License and permit bonds needed for many professions such as contractors and mortgage lenders to operate legally.
- Contractor bonds for public construction projects.
- Court bonds required by the courts for various purposes.
It’s important you understand how surety bonds work and that you're responsible to pay claims in full, which makes it crucial to find a bond company that will defend you from claims.
Getting License and Permit Bonds
New Mexico requires license and permit bonds in order to get and file licenses/permits for many different lines of business. You can find the full list of license and permit bonds required by using our bond requirement search tool below.
License & Permit Bond Search
Our company offers all types of license and permit bonds in all 50 states. If you don’t find the bond you're looking for in the table below, simply select "General license & permit bond (not listed)" and start your application.
Getting Contract Bonds for Jobs
Contract bonds such as bid and performance bonds are needed to work on public construction projects. However, these are usually required by cities or municipalities as opposed to the state. You can learn more about what’s needed to get surety bonds for construction projects.
Getting Court Bonds in New Mexico
Court bonds aren’t needed as often as the bonds mentioned above, but can be required by the courts if you need to appeal a court decision, become a legal guardian of a minor or operate as a fiduciary of an estate.
How Much Does a New Mexico Surety Bond Cost?
Surety bonds generally cost 1-15% of the required bond amount. Costs vary significantly depending on the bond amount you need and your rate (which is the percentage of the full bond amount you must pay). You can get an instant estimate by using our bond premium calculator, or apply online to get a firm bond quote.
Can You Get New Mexico Surety Bonds with Bad Credit?
It’s possible to get surety bonds with bad credit, but it will depend on the bond type you need and how severe your credit issues are. You can get approved for most license and permit bonds with bad credit. However, it is more difficult to get contract bonds with credit issues.
