Grading Bond: A Quick Guide on Irvine California Grading Bond
Get your grading permit ASAP through this surety bond! Easy application and approval!
What is an Irvine California Grading Bond?
If you’re a contractor who has been awarded a grading project within the City of Irvine, you’ll be asked to submit this surety bond as part of the grading permit requirement.
The purpose of this bond is to ensure that you will perform the grading work in accordance with the “Excavating and Grading Code of the City of Irvine" Chapter I Division J of Title V of the Irvine Municipal Code. Some of the provisions set forth in the said Grading Code are the following:
- Plans and specifications must be submitted along with the grading permit application.
- Carry out the work in accordance with the plans and specifications that have been approved by the Chief Building Official.
- Submit a soil engineering and engineering geology report.
- Follow the specific time of grading operations.
- Protect the adjoining properties.
This financial security requirement is in line with Sec. 5-10-129 of the Irvine Municipal Code.
How does an Irvine California Grading Bond work?
There are three parties to this surety bond: the Principal, Obligee, and the Surety.
The Principal is the contractor – the party who is required to obtain this bond. The Obligee will be the City of Irvine. The Obligee is the party to whom the Principal will be indebted in case of any violation in the contract. The Surety is the party that will provide financial support to the Principal through this bond.
A bond claim can be made if the Principal violates any of the provisions in the Grading Code, relevant rules, regulations, and statutes. The surety will verify the validity of the claim. If the claim has been proven, the Surety will ensure that the Obligee will be financially compensated for the violations committed by the Principal. The Principal will then have to reimburse the Surety after the payment has been settled.
How much does an Irvine California Grading Bond cost?
The bond cost will start at 0.5% to 1% of the bond amount. The bond cost will depend on the Principal’s credit score.
The bond amount will be determined by the Obligee.
Once you have determined your bond amount, you can find out what your bond premium will be by claiming your FREE SURETY BOND QUOTE HERE!
How can I get an Irvine California Grading Bond?
- APPLY FOR THIS SURETY BOND – We begin the bonding process with an application. You may send your application for this bond HERE!
- PREQUALIFICATION PROCESS – Once we’ve received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
To avoid any delay, make sure that your requirements are complete before submitting them.
- BOND ISSUANCE – The bond will be issued and sent to the applicant immediately after the applicant has signed the indemnity agreement.
Ready to apply? START HERE!
