A residential contractor with an unlimited monetary bid limit shall pay a biennial assessment of what amount to the Residential Recovery Fund?

The biennial assessment amount that a residential contractor with an unlimited monetary bid limit must pay to the Residential Recovery Fund is set at $1,000. This fee is in place to ensure that the fund can effectively support claimants who take legal action against contractors who fail to meet their obligations, such as completing projects as promised or adhering to safety and quality standards.

The amount reflects the responsibility that comes with holding an unlimited monetary bid limit, as such contractors typically engage in larger-scale projects that could have a more significant impact on consumers if problems arise. This higher assessment helps to maintain the integrity of the fund and ensures it has adequate resources to address claims that may arise from contractors who do not fulfill their contractual duties. The structure of these fees is designed to promote accountability and protect consumers within the residential contracting industry.