Chula Vista California Street Improvements Bond
Find out what this bond is for and how to apply for one!
What is a Chula Vista California Street Improvements Bond?
It’s a written guarantee stating that the person who will perform street improvements (e.g. sidewalk, curb, or street paving) within the City of Chula Vista will do so in compliance with the ordinance and standards of the City.
This requirement must be obtained before a permit is issued, and must be submitted along with the Improvement Agreement.
There are several conditions that the permit applicant must perform. Below are some of the said conditions:
- The permit applicant must perform the improvements that are shown on the approved plans.
- The improvements must conform to the official grade.
- The street improvements must be in accordance with the specifications prescribed by the ordinances and standard of the City of Chula Vista.
- All debris and surplus materials shall be removed after the work has been completed.
How does a Chula Vista California Street Improvements Bond work?
There are three parties to this legal agreement:
Principal – the permit applicant
Obligee – the City of Chula Vista
Surety – the party who will issue the bond
The surety’s duty is to join the principal in guaranteeing the latter’s performance to the obligee.
A surety bond will be the obligee’s safety net in case the principal defaults on his or her obligations. When this happens, the obligee can file a claim against the bond in order to recover the monetary losses suffered by the City for the principal’s misconduct.
How much does a Chula Vista California Street Improvements Bond cost?
The bond cost or bond premium varies. This will depend on the bond amount set by the City of Chula Vista for the street improvements project of the permit applicant.
The bond cost will only be a percentage of the bond amount. If you have an excellent credit score, your bond cost can be as little as 1% of the bond amount.
For example, if the bond amount of the project is $30,000, your bond cost will only be $300.
If you know your bond amount, you can get a FREE SURETY BOND QUOTE HERE!
How can I get a Chula Vista California Street Improvements Bond?
We have made the surety bond procedure easier for you! Just follow these simple steps:
STEP 1: You must first apply for this type of surety bond. If you are ready to do that now, you may APPLY HERE!
Once we have received your application, we will immediately start the bonding process. We will inform you about the important documents that you need to submit for the next step, which is the underwriting process.
STEP 2: An underwriter will take a thorough look at the following:
- Your financial strength
- Your job performance history
- Your credit score
STEP 3: After the underwriting process has been fulfilled, we will issue your surety bond and send it to you immediately!
APPLY HERE today!