Chapter 1 Flashcards
2nd time fine for having license and time?
5000 plus clsb adds 20% of your bid and up to 90 days in jail.
CLSB
Contractors state license board. Regulates contractors in the state, ain objective is to ptotect the public.
When do you ned a constractor license?
performing jobs over 500 dollars.
First time fine for not having a contractor license and time?
5,000 dollars adn up tp 6 months.
Guilty of fraud fine? time?
10,000 and 1 year in jail and possible felony.
Most important thing to include in all adverstising, bids adn estimates is?
Contractors license number
RMO?
Responsible manager officer. Can qualify up to 3 entities with same license. Must own 20% of each entity.
RME?
Resposinble managing employee. Must work at least 32 hours per week or 80 % of work week. Can only qualify one company at a time.
Joint Venture License
2 companies joining together to have more resources they can submit a bid together.
License Bond limit needed
25,000
Most common reason a license is cancelled?
Because a bond was not renewed on time
Do you need a bond to activate your license?
Yes it must be active the entire time.
Arbitraction
Similar to court but within the clsb/registrar.
Voluntary arbitration
15,000 or less
Mandatory arbitration for both parties
15,000 to 50,000. 30 days to agree
