Downey California Construction and Demolition Waste Management Plan Faithful Performance Bond
Don’t let a security requirement delay your project. We can help! Apply for this bond today!
What is a Downey California Construction and Demolition Waste Management Plan Faithful Performance Bond?
This bond is required of all building, encroachment, and demolition permit applicants who will be submitting a Waste Management Plan (WMP).
The purpose of this bond is to ensure that the permit applicant will faithfully perform the work indicated in the approved WMP. It includes the following:
- Stating the estimated volume or weight of the project C&D debris, by materials type, to be generated;
- The maximum volume or weight of such materials that can feasibly be diverted via reuse or recycling;
- The estimated volume or weight of C&D debris that will be landfilled; and
- The vendor or facility that the applicant proposes to use to collect or receive the C&D debris.
This requirement is in compliance with Section 5840 of the Downey Municipal Code.
How does a Downey California Construction and Demolition Waste Management Plan Faithful Performance Bond work?
This surety bond is a three-party agreement designed to protect one party from the actions of another party.
The parties involved are as follows:
Principal – the permit applicant and the party who will fulfill the duties stated in the bond.
Obligee – the City of Downey. The party will be compensated if the principal fails to fulfill the obligations required.
Surety – the surety bond company that will guarantee the performance of the principal to the obligee.
If a failure occurs, the obligee can file a claim against the surety bond. If the claim has been proven, the surety bond company will pay for the amount on behalf of the principal. The principal is required to repay the surety for the full amount paid by the latter.
How much does a Downey California Construction and Demolition Waste Management Plan Faithful Performance Bond cost?
The bond cost or bond premium will be a small percentage of the bond amount required by the City of Downer.
The minimum bond amount will be $2,500, while the maximum bond amount is $50,000.
If you have an excellent credit score, you will be eligible to pay as low as 1.5% of the bond amount!
Do you want to know your bond premium right now? Get your FREE SURETY BOND QUOTE RIGHT HERE
How can I get a Downey California Construction and Demolition Waste Management Plan Faithful Performance Bond?
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 for 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, we will immediately issue the bond and send it to you!