California Guarantee Toll Charges Bond
Get your permit ASAP through this bond!
What is a California Guarantee Toll Charges Bond?
Those who are applying for a permit in order to use any toll bridge or other toll highway crossing on a credit basis are required to furnish this bond.
This bond will serve as an assurance to the California Department of Transportation (Caltrans) that the said permit applicant will conform to the provisions of Sections 30158 to 30162 of the California Streets and Highways Code or the California Toll Bridge Authority Act.
The main provision of the said law that the permittee must fulfill is the monthly payment of toll charge invoices for the use of the said toll bridges and toll highway crossings. This should be done within 10 days from the time the invoice is mailed.
A basic service fee of not more than $7.00 per month and a separate service fee for each individual charge transaction should be paid by the permittee too.
This requirement is mandated by Section 30158 of the California Toll Bridge Authority Act.
How much does a California Guarantee Toll Charges Bond cost?
The bond premium will range from 1% to 8% of the bond amount. This will depend on the permit applicant’s credit score.
The bond amount will be determined by the California Department of Transportation (Caltrans) and will be based on twice the estimated monthly toll charges that the permittee will incur.
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How can I get a California Guarantee Toll Charges Bond?
Here’s how to get this bond:
- APPLY FOR THIS BOND HERE!
- Once we’ve 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.
- Your surety bond will be issued and sent to you after the indemnity agreement is signed.
How does a California Guarantee Toll Charges Bond work?
This bond will serve as an enforceable agreement among three parties, namely:
Principal – the permit applicant
Obligee – the California Department of Transportation (Caltrans)
Surety – surety bond provider
The Principal and the Surety will partner in assuring the performance of the former to the Obligee. The Principal is primarily responsible for the payment of the monthly invoice for toll charges and other service fees. If the Principal fails to do this bonded obligation required by the relevant laws, rules, and regulations, the Obligee can file a bond claim.
The claim will first be verified by the Surety before it is settled. Once the Surety has settled the claim, the Principal will reimburse the Surety for the payments made.