(a) Every person licensed in any of the professions under section 331(a)(1)-(4) 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.
(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) Every person licensed in any of the professions under section 331(a)(5)-(8) and 335a, shall execute and deposit with the Commissioner a bond in a sum of not less than $2,000 and with such number of sureties as the Board may determine, to be conditioned upon:(1) the faithful performance of all work in accordance with applicable electrical or plumbing codes and regulations, as the case may be;(2) the licensee paying all compensatory awards to consumers in whose favor the 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 indemnifying the Government of the Virgin Islands, or the Board, as being held harmless from the consequences of any and all acts of the licensee during the period covered by the bond.
(1) the faithful performance of all work in accordance with applicable electrical or plumbing codes and regulations, as the case may be;
(2) the licensee paying all compensatory awards to consumers in whose favor the 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 indemnifying the Government of the Virgin Islands, or the Board, as being held harmless from the consequences of any and all acts of the licensee during the period covered by the bond.
(c) 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.