Long Beach California Construction and Demolition Debris Recycling Program Bond
Know why you need this surety bond and how to easily apply for one!
What is a Long Beach California Construction and Demolition Debris Recycling Program Bond?
All construction or demolition permit applicants are required by the City of Long Beach to submit this surety bond as a waste diversion deposit. Compliance of the permit applicant to Chapter 18 of the Long Beach Municipal Code is one of the reasons for this bond.
As stated in the aforementioned Code, the City obligates the permittee to reduce, reuse, and recycle construction demolition materials as mandated by the California Integrated Waste Management Act of 1989, Assembly Bill 939.
As part of the permit condition, the permit applicant must submit a waste management plan detailing the estimated volume or weight of the project C and D debris among others.
This requirement is in line with Section 18.67.040 of the Long Beach Municipal Code.
How does a Long Beach California Construction and Demolition Debris Recycling Program Bond work?
This bond will serve as the Principal’s (permit applicant) performance security. By providing this bond, the Obligee (City of Long Beach) will be assured that the Principal will comply with the standards of the City of Long Beach that pertains to the disposal of construction and demolition debris.
The bond is financially supported by the Surety. The Surety will ensure that the Obligee will receive the necessary monetary compensation if the Principal fails to perform the obligations.
When that happens, the Obligee will take action on the bond by filing a claim. The Surety will then check if the Principal has violated any of the bond’s conditions – including the applicable laws of the City, statutes, and the conditions of the permit. The Surety will settle the claim once it has been proven.
How much does a Long Beach California Construction and Demolition Debris Recycling Program Bond cost?
The bond premium will range from 1% to 5% of the bond amount, depending on the permit applicant’s credit score.
The bond amount will be determined by the City of Long Beach. It will be computed based on the amount of the total project as stated in the schedule of fees and charges established by City Council resolution.
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 a Long Beach California Construction and Demolition Debris Recycling Program Bond?
STEP 1: APPLY FOR THIS SURETY BOND HERE!
Once we have received your application, we will immediately start the bonding process. We will inform you about the important documents that you need to submit for the next step, which is the underwriting process.
STEP 2: An underwriter will take a thorough look at the following:
- Your financial strength
- Your business/job performance history
- Your credit score
STEP 3: After the underwriting process has been fulfilled, you’ll be asked to sign an indemnity agreement. Once that’s done, the bond will be issued and sent to you immediately!
APPLY HERE today!