Lake Forest California Grading Permit Bond
Start working on your grading project soon through this surety bond!
What is a Lake Forest California Grading Permit Bond?
It’s a grading permit requirement that every contractor who will perform grading work in the City of Lake Forest must obtain. The purpose of this bond is to ensure the compliance of the contractor/permit applicant to the following:
- Provisions of the Lake Forest Municipal Code Chapter 8.30.
- Orange County Grading and Excavation Code as adopted by the City of Lake Forest.
- Other applicable laws and ordinances.
As part of the conditions, the contractor is required to submit a plan, specifications, and other data to the Director of Public Works/City Engineer of the City of Lake Forest before the issuance of a grading permit.
How does a Lake Forest California Grading Permit Bond work?
A bond legally binds three parties to an agreement. The first party (Principal) will be the permit applicant. The permit applicant will be responsible for obtaining this bond and for fulfilling the obligations of the bond.
The second party is the obligee. The obligee is the City of Lake Forest. The obligee is the owner of the project and the beneficiary of this bond.
The surety (third party) will ensure that the principal will fulfill the obligations. The surety will also ensure that the obligee will be paid if the principal defaults on his or her contractual obligations.
For example, if the principal fails to finish the grading work on time, the obligee will be eligible to file a claim since this is against the conditions of the bond. The surety will investigate if the principal was unable to finish the work on time. If the claim is valid, the surety will pay the obligee.
How much does a Lake Forest California Grading Permit Bond cost?
This will depend on the principal’s credit score. Those who have excellent credit scores will be eligible to pay 1% of the total bond amount.
The bond amount will be determined by the Director of Public Works/City Engineer of the City of Lake Forest.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Lake Forest California Grading Permit Bond?
Here’s a step-by-step guide on how to get this surety bond:
Submit a surety bond application to us! Once we have received your application, we will inform you about the important information or documents that you must submit to move forward to the next step of the bonding process, which is underwriting.
During the underwriting process, our expert underwriter will assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
It is important to provide us with clear and organized information to prevent any delays. Our expert underwriter will check everything that you have submitted, and once that is finished, we will immediately send the bond to you!