Los Angeles California Import/Export Payment Earth Hauling Bond
Know the importance of this surety bond!
What is a Los Angeles California Import/Export Payment Earth Hauling Bond?
This surety bond is a condition of a grading permit that involves importing or exporting more than 1,000 cubic yards of earth materials over city streets.
The purpose of this surety bond is as follows:
- To cover the costs of repair to the city streets due to the import or export of earth materials.
- To cover the cost of removal of deposited earth materials.
- To ensure that the permittee will perform the work in accordance with the relevant laws of the City of Los Angeles such as, but not limited to, Article 2 of Chapter 6 of the Municipal Code of the City of Los Angeles.
This surety bond must be submitted to the Department of Public works. This requirement is in line with Section 62.202 of the Municipal Code of the City of Los Angeles.
How does a Los Angeles California Import/Export Payment Earth Hauling Bond work?
There are three parties to this legally binding contract: Principal, Obligee, and Surety. The Principal is the grading permittee. The Principal is the party who will fulfill all the obligations that are stated in the bond. The Obligee is the City of Los Angeles. The Obligee is the party who is requiring the bond.
The Surety is the party that will issue this bond. The Surety’s duty is to extend its credit to the Principal in terms of endorsement. Through this bond, Surety is guaranteeing that the Principal will perform the obligations required by the Obligee. The Surety is also agreeing that the Obligee will be indemnified in case the Principal fails to do the obligations.
If this happens, the Surety will assume the obligations of the Principal by paying the Obligee all costs up to the penal sum of the bond.
How much does a Los Angeles California Import/Export Payment Earth Hauling Bond cost?
The bond cost ranges from 1% to 8% of the bond amount. Bond costs are dependent on the permittee’s credit score.
The bond amount will be determined by the Department of Public Works of the City of Los Angeles.
How can I get a Los Angeles California Import/Export Payment Earth Hauling 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 in order 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!
Ready to apply? START HERE!