New Mexico Surety Bonds

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Required Surety Bonds in New Mexico

Typical New Mexico bonds include (click on any for more info):

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Required Surety Bonds in New Mexico

The three broad categories of New Mexico surety bonds are construction and contractor bonds, license and permit bonds, and court bonds.

New Mexico Construction & Contractor Bonds

New Mexico state agencies sponsoring public works projects over a certain dollar amount require contractors to purchase a bid bond as a condition for submitting a bid. The winning bidder must then purchase other construction-related bonds, such as a performance bond, payment bond, maintenance bond, or another type of contractor surety bond. Similar bonding requirements often exist for public works projects at the municipal level.

New Mexico License Bonds

Through a number of boards and commissions, the New Mexico Regulation and Licensing Department issues licenses in more than 30 different professions and trades. In many cases, becoming licensed requires the purchase of a license surety bond to ensure that business is conducted in accordance with New Mexico law. Some municipalities also require local licensing or permitting and have a similar surety bond requirement.

New Mexico Court Bonds

New Mexico courts may require appeal bonds and probate bonds. A plaintiff or defendant may need to purchase a surety bond when appealing a court decision, especially when contested property is involved. A probate bond may be required from anyone appointed as executor or an estate, guardian of a minor, or in any other fiduciary capacity.

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