Ohio - Contractor's License Bond - City of Cleveland (General Contractor)
City of Cleveland Contractor License Surety Bond (General Contractor) - The primary purpose of contractor license Bonds is to protect the consumer from any wrongdoing on the part of the contractor's inability to follow licensing regulations. The obligee that requires these Bonds is usually a local or state regulatory office or other consumer protection office. These agencies are looking to regulate the industry, cut down on fraud and, of course, deter bad contractors from working in the construction industry.
Surety Bonds are often confused with insurance policies, but it's important to remember that they are a completely separate product. Whereas an insurance policy would likely protect a contractor's interests, Surety Bonds protect the customer's.