Fremont California Encroachment Permit Annual Performance Bond
Secure your permit ASAP through this surety bond! Find out how!
What is a Fremont California Encroachment Permit Annual Performance Bond?
Encroachment permit applicants who will be doing encroachment work within the City of Fremont can opt for this annual bond instead of obtaining a bond every time they apply for an encroachment permit.
This bond’s purpose is to ensure that the permit applicant will comply with the provisions of the permit. This includes performing encroachment work along public rights-of-way in accordance with the relevant ordinances, rules, regulations, and statutes.
This annual performance bond must be submitted to the city engineer along with the following:
- Identity of the applicant
- The fee established by resolution of the city council
- A detailed description of the encroachment work
- Other information required by the city engineer
This requirement is in pursuance of Section 12.05.300 of the Fremont Municipal Code.
How does a Fremont California Encroachment Permit Annual Performance Bond work?
A surety bond, such as this one, is a three-party agreement where the surety company assures the obligee (City of Fremont) that the principal (permit applicant) will fulfill the encroachment contract.
The obligee can file a claim against the bond if the principal violates the contract. When this happens, the surety will investigate to validate the claim. If the claim has been proven to be true, the surety will settle the claim and will ask for reimbursement from the principal soon after.
How much does a Fremont California Encroachment Permit Annual Performance Bond cost?
The bond cost will typically start at 0.5% to 1% of the total bond amount. The bond amount will be determined by the city engineer.
The bond cost or bond premium will depend on the principal’s credit score. Principals who have excellent credit scores will be eligible to avail of the lowest bond cost.
Get your FREE SURETY BOND QUOTE HERE to know your bond cost!
How can I get a Fremont California Encroachment Permit Annual Performance Bond?
We have created a streamlined bonding process so that you can easily apply for the bond. Here’s how to do it:
APPLY FOR THE 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.
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- 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.
Once the underwriting process is done, you will be asked to sign the indemnity agreement. Once that’s finished, we will immediately issue your bond and send it to you right away!
Ready to apply? START HERE!