2019 US Virgin Islands Code
Title 27 - Professions and Occupations
Chapter 10 - Virgin Islands Board of General Construction Contractors
§ 338. Bonds

Universal Citation: V.I. Code tit. 27, § 338 (2019)
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  • (a) Every person licensed under the provisions of this chapter shall execute and deposit with the Commissioner a bond in a sum of not less than $100,000 and with such number of U.S. Treasury listed and rated sureties as the Board may determine, to be conditioned upon:

    • (1) the faithful performance of all work in accordance with applicable building codes and regulations;

    • (2) the licensee's paying all compensatory awards to consumers in whose favor such awards are rendered by the Board, as well as all fines and penalties properly imposed upon him for violation of the provisions of this chapter and any other applicable law; and

    • (3) the licensee's indemnifying the Government of the Virgin Islands, or the Board, as being held harmless from the consequences of any and all acts of said licensee during the period covered by such bond.

  • (b) No license issued pursuant to this chapter shall be valid unless a bond is executed and deposited as provided by this section. Pursuant to the powers granted by section 324 of this chapter, the Board may, by rules and regulations, uniformly increase the amount of any bond required by this section.

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