Chula Vista California Grading and/or Drainage Bond
Know the reason for this important requirement in Chula Vista!
What is a Chula Vista California Grading and/or Drainage Bond?
Before any contractor can start any grading or improvement work within the City of Chula Vista, he or she must obtain this surety bond.
This bond will ensure that the contractor will perform the work in accordance with the standard drawings and specifications of the City of Chula Vista as determined by the City Engineer. The City Engineer will prepare the street structural sections in compliance with the “Standardized Method of Street Structural Design.” Some of these include the following:
- The contractor must ensure that the drainage pattern of any adjacent improved or unimproved property will be taken into consideration when making drainage provisions.
- Drainage facilities and concepts shall be performed in accordance with the provisions of CVMC Title 14.
- Grading shall conform to the relevant ordinances of the City.
How does the Chula Vista California Grading and/or Drainage Bond work?
This bond will serve as a protection for the Obligee (City of Chula Vista) in case the Principal (Contractor) disobeys the contractual obligations. When that happens, the Surety (surety bond provider) will make sure that the Obligee will be paid.
The Obligee will first have to file a claim against the bond. The claim will then be investigated by the Surety before any payment is made. If the claim is substantial, the surety will pay the necessary amount up to the face value of the bond.
How much does a Chula Vista California Grading and/or Drainage Bond cost?
The bond cost will depend on the principal’s credit score. If you have an excellent credit score, you will be eligible to pay as little as 1% to 2% of the total bond amount.
The bond amount will be determined by the City Engineer of Chula Vista.
If you have determined your bond amount, you may check your bond premium by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Chula Vista California Grading and/or Drainage Bond?
We’ve made the bond application faster and easier. Here’s a step-by-step guide to help you get this bond ASAP:
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We will ask you a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Once the underwriter is done with the underwriting process, you will be asked to sign an indemnity agreement. Once that’s done, we will immediately issue the bond and send it to you!
Start working on your project! APPLY HERE!