Los Angeles California Grading Permit Security Bond
Start working on your grading project by obtaining this surety bond!
What is a Los Angeles California Grading Permit Security Bond?
It is a financial security required of every person who is tasked to perform grading work within the City of Los Angeles. Through this surety bond, the City of Los Angeles will be guaranteed that the permit applicant will comply with the following:
- Provisions of Article 1, Chapter 9 of the Los Angeles Municipal Code.
- Rules and regulations set forth by the Superintendent of Building.
- Zoning, private street and division of land regulations stated in Chapter I of the Los Angeles Municipal Code.
- Approved General Plan
This requirement is in pursuant of Section 91.7006.5.1 of the Los Angeles Municipal Code. This surety bond is specifically required for excavation or fill of 250 cubic yards (191.3 m3) or more of earth in a hillside area.
How does a Los Angeles California Grading Permit Security Bond work?
Three parties are involved in this legal agreement. The Principal is the license applicant who obtaining this bond from a Surety. The Surety is the party who will serve as the guarantor of the Principal to the Obligee. The Obligee is the City of Los Angeles – the party to whom the Principal and the Surety will be indebted to.
It is the primary duty of the Principal to perform the work in accordance with the required conditions. If the Principal commits a violation of his or her contractual obligations, the Obligee can take action against this bond by filing a claim. The claim will be verified by the Surety before any settlement is made.
If the Surety finds out that the claim is valid and is covered by the bond, the Surety will make sure that the Obligee will be compensated.
How much does a Los Angeles California Grading Permit Security Bond cost?
The bond premium will start at 1.0% of the bond amount. The bond amount will be determined by the Obligee.
The bond premium will be higher for those that have lower credit scores. Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Los Angeles California Grading Permit Security Bond?
The permit applicant should first apply for this type of bond to a state-qualified surety such as Surety Bond Authority.
If you’re ready to apply for one right now, you may easily do so HERE!
Our expert surety bond team will guide you through the whole process from the time you have applied for the bond up until its issuance. We’ll make sure that you understand all the bond conditions.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is complete, you will be asked to sign the indemnity agreement. Once that’s signed, the bond will be issued and sent to you!
Ready to apply? START HERE!