If a contractor has a monetary bid limit of $500,000, what is the biennial payment into the Residential Recovery Fund?

The biennial payment into the Residential Recovery Fund for a contractor with a monetary bid limit of $500,000 is indeed $200. This fund is designed to protect homeowners from financial loss due to contractor misconduct, ensuring that they have recourse in cases such as fraud or failure to complete contracted work.

The structure of this payment is outlined in Nevada state regulations, which categorize contractors based on their monetary bid limits. As contractors' bid limits increase, so does their required financial contribution to the fund. In this case, the specified amount of $200 is set for those contractors whose bid limits fall within certain ranges, and $500,000 is one of these ranges that aligns with the $200 fee.

Understanding the Residential Recovery Fund and its payment structure is crucial for contractors to remain compliant with state regulations and to protect the interests of both their business and the homeowners they serve.