Dana Point California Engineering Permit Bond
Find out how this bond works and how to get one fast!
What is a Dana Point California Engineering Permit Bond?
It is a type of surety bond used for various types of engineering permits required by Dana Point Public Works & Engineering Department.
Some of the engineering permits are listed below:
- Encroachment Permit – permit required when performing work in any public right-of-way
- Final Maps – for the construction of condominium and for subdividing lands
- Grading – excavations that are more than 25 cubic yards and more than 1 foot in depth
- Transportation Permit – required when a non-exempt vehicle’s gross weight is more than 10,000 lbs.
- Improvements – for street improvements, installation of storm drainage, etc.
- Lot Line Adjustment – required for any division of land that does not require a subdivision tract map as specified by the Subdivision Map Act
A bond is required to ensure that work will be completed in compliance with the regulations of the permit; approved plans and specifications; and the relevant statutes. The work should be performed under the specific conditions of the City Engineer as well.
How does a Dana Point California Engineering Permit Bond work?
It is a legal contract between three parties. The principal or the permit applicant will be the first party. The second party, known as the obligee, will be the City of Dana Point. The third party will be the surety.
The surety will extend its credit to the principal and vouch for the principal’s capability to fulfill the contract to the obligee. If the principal fails to do so, the obligee will seek financial recovery to finish the work that the principal failed to do. This will be done through a bond claim.
How much does a Dana Point California Engineering Permit Bond cost?
The bond cost or bond premium will typically be 1.0% to 7.5% of the bond amount. The bond cost will depend on the principal’s credit score.
The bond amount will be determined by the Director of Public Works and Engineering Services of the City of Dana Point.
For example, if your bond amount is $15,000 and your credit score is excellent, you only need to pay $150 as bond premium.
Do you want to know your bond premium right now? Get your FREE SURETY BOND QUOTE RIGHT HERE!
How can I get a Dana Point California Engineering Permit Bond?
Here’s how to get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
You may submit your application HERE!