Fresno California Streetwork and Excavation Bond
A quick guide to the streetwork and excavation surety bond for the City of Fresno!
What is a Fresno California Streetwork and Excavation Bond?
This is required of every person who will be obtaining a permit to perform the following construction projects from time to time:
- Removal and/or demolition of certain curbs, gutter, sidewalks, and street pavements
- Dig trenches
- Alteration and/or cutting of street and alley structures and appurtenances along the public streets, alleys sidewalk areas, and other public places in the City of Fresno
The primary purpose of this bond is to ensure that the permit applicant will comply with the provisions stated in Article 2 of Chapter 13 of the Municipal Code of the City of Fresno.
The permit applicant will also be obligated to comply with other relevant rules, ordinances, and statutes when performing the work.
This bond will be submitted along with the signed approved plans for the project, a signed Indemnification and Hold Harmless Agreement, and a current contractor license.
How does a Fresno California Streetwork and Excavation Bond work?
This bond will serve as a safety net provided by the principal (contractor) to the obligee (City of Fresno) regarding the completion of work.
The surety will be the party who will issue the bond and will extend its credit to the principal. The surety backs up the principal by promising the principal’s fulfillment of the contract to the obligee.
If the principal fails to complete the project or violates the pre-determined contract, the obligee will file a claim against the bond for monetary compensation. If the claim is proven, the surety will ensure that the obligee is rightfully compensated.
How much does a Fresno California Streetwork and Excavation Bond cost?
The bond amount is $25,000.
You don’t need to pay the entire bond amount. The bond cost will only be a small percentage of the bond amount. Bond costs will depend on the principal’s credit score.
Those who possess excellent credit scores will be eligible to pay as little as 0.5% to 1% of the bond amount.
How can I get a Fresno California Streetwork and Excavation Bond?
You can easily get this surety bond from us!
Here’s what to do 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 to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Sign the indemnity agreement. After that, your surety bond will be issued and sent to you!
Ready to apply? START HERE!