Highway Pre qualification:

• Highway contracts require a performance/payment bond equal to 100% of the contract value.
• Financial limits are based on the net liquid assets of the contractor. The bidding capacity is equal to 6.667 times the net liquid assets.
• A $250,000 limit is imposed on compiled financial statement, and a $500,000 limit on reviewed financial statements.
• Pre qualifications is good for 15 1/2 months after statement date.

Contractors:

• Applicants are required to pass an open book examination pertaining to business management and building codes issues with a minimum score of 70 percent.
• Some classifications, including building, highway, HVAC, electrical, plumbing and public utilities require trade examinations.
• General and mechanical contractor applicants in Group 2 and 3 monetary limitations must submit an audited financial statement. Groups I and 4 may submit an internally prepared financial statement.
• Prime contractors must pay a $120 fee for a bidders license.
• The average processing time for applications is seven weeks.

Home Builders:

• Applicants must pass both a business law and trade examination with a minimum 70%.
• One year of experience documentation is required
• A credit check are also required.
• Residential builders must submit a bond for $15,000 or a financial statement verifying a net worth of at least $50,000.
• Residential specialty contractors must submit a $5,000 bond if individual homeowner contracts exceed $5,000 on one category.
• The initial application and annual renewal fees are $100 for general contractors and $20 for the specialty trades.