Chula Vista California Public Improvement Maintenance Bond
Find out below if you need this surety bond!
What is a Chula Vista California Public Improvement Maintenance Bond?
It is a financial guarantee required by the City of Chula Vista for the maintenance of the public improvement work performed by a contractor in accordance with the Land Development Permit.
This bond will ensure the full compliance of the person named on the bond to the conditions of the Land Development Permit. The permittee is also required to perform the work in accordance with the ordinances such as those stated in Chapter 15.04 and Chapter 18.36 of the Chula Vista Municipal Code.
This bond will cover any violation on the public improvement contract (e.g. defective workmanship performed on the property stated on the bond) as well.
How does a Chula Vista California Public Improvement Maintenance Bond work?
This bond will provide a path of recourse for the obligee (City of Chula Vista) in the event that the principal fails to perform the work. The obligee is the project owner and to whom the obligation is owed. The party who must fulfill the obligation is the principal. The principal is the contractor named in the bond.
The third party – the surety – will financially back the principal. In doing so, the immediate financial responsibility will be shouldered by the surety. When a bond claim is made by the obligee, it is the duty of the surety to settle the claim once its validity has been determined.
How much does a Chula Vista California Public Improvement Maintenance Bond cost?
The bond cost will be a percentage of the bond amount set by the obligee or the City of Chula Vista. It will cover reasonable expenses and fees necessary to complete the project in case of a default.
The typical bond cost for this type of bond will range from 1% up to 8% of the total bond amount. Your bond cost will depend on your credit score.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get Chula Vista California Public Improvement Maintenance Bond?
Apply for this bond– You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
Pre-qualification process– An underwriter will check the necessary documents that you will be asked to submit.
The goal of the underwriter is to learn about the following information:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed prior to submitting.
Your bond will be issued
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
Ready to apply? START HERE!