Los Angeles California Excavation (Lateral Support) Permit Bond
Find out how this bond works and how it can help you!
What is a Los Angeles California Excavation (Lateral Support) Permit Bond?
This bond is an important permit requirement when performing any of the following work within the City of Los Angeles:
- Excavation in or under the surface of any public street or public place.
- Excavation on private property adjacent to a public street.
Through this bond, the City of Los Angeles will be guaranteed that the lateral support to such street or improvements or property will not be impaired because of the compliance of the permit applicant to the standards of the City.
The permit applicant must submit this bond to the Bureau of Engineering along with the plan that shows the location and dimensions of each proposed excavation and other details.
This requirement is in pursuance of Section 62.02 (f) 4 of the Los Angeles Municipal Code.
How does a Los Angeles California Excavation (Lateral Support) Permit Bond work?
This bond will serve as an enforceable agreement among three parties, namely:
- Principal – the permit applicant
- Obligee – the City of Los Angeles, California
- Surety – surety bond provider
The Principal and the Surety will partner in assuring the performance of the former to the Obligee. The Principal is primarily responsible for the fulfillment of the obligations required by the Obligee. If the Principal fails to do any of the obligations or any provisions stated in Section 62 of the Los Angeles Municipal Code and other relevant laws, rules, and regulations, the Obligee can file a bond claim.
The claim will first be verified by the Surety before it is settled. Once the Surety has settled the claim, the Principal will reimburse the Surety for the payments made.
How much does a Los Angeles California Excavation (Lateral Support) Permit Bond cost?
The bond premium will depend on the permit applicant’s credit score. Bond premiums range from 1% up to 10% of the bond amount.
The bond amount will be determined by the Bureau of Engineering of the City of Los Angeles.
If you have determined your bond amount, you can check out your bond premium by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Los Angeles California Excavation (Lateral Support) Permit Bond?
BOND APPLICATION
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
UNDERWRITING
The next step will be the submission of important documents in order to assess the following information:
- Your business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed prior to submitting.
BOND ISSUANCE
We will immediately issue your bond and send it to you right away after the indemnity agreement has been signed.
Ready to apply? START HERE!
