Mission Viejo City Grading Permit Bond
Grading is one of the first steps in the construction process, and, considering its delicate nature, this activity may cause damages to onsite public properties. For this reason, filing for a Grading Permit Bond in the City of Mission Viejo is mandatory for any business project.
What is a Grading Permit?
A business owner will usually need to apply for a grading permit should their business project involve activities like excavation or soil filling or a combination of both. The Grading and Excavating Code of the Mission Viejo City defines a grading permit as a legal document or certificate certified by the Director of Public Works, City Engineer, or an authorized representative responsible for the grading activity authorization.
For information on the application process and the complete list of work that requires a grading permit, you may visit the Mission Viejo City Public Works Office or read further on their Grading and Excavation Code.
What is the Mission Viejo City Grading Permit Bond?
Before securing your permit, the City of Mission Viejo will require you to file for a Grading Permit Bond. This bond is an agreement that will hold your business accountable for all constructions made under your supervision and is mandatory for the activation of your license. It will ensure that applicants will complete the grading project following city standards and guarantee the compensation of the public in the event of property damages.
How does it work?
The parties in the agreement are the Surety or Bond Company or Obligor, the insurance company issuing the surety bond; the Principal or the business or applicant wishing to obtain a bond; and the Obligee, the party compensated for, in this case, the City of Mission Viejo.
The Surety Company will guarantee the compensation (performance bond) of the Obligee should the Principal fail to deliver agreed-upon services or violate any licensing provisions. The Surety Company will receive and assess the validity of all public claims where compensation may only amount to the total penal sum agreed upon in the bond form.
The validity of claims is received and determined by the Bond Company directly, acting as an independent third party in the process. All paid claims, including the premiums and legal fees, must be reimbursed by the Principal to the Bond Company. The surety provider’s reimbursement is ensured through an indemnity agreement made prior to the execution of the bond. Failure to comply suspends the business’ license indefinitely.
How much does it cost?
The cost of the surety bond will depend on the business owner’s personal credit, license history, and industry experience. Typically, however, the Mission Viejo City Grading Permit Bond will cost between 1% and 10%.
How can I apply for this bond?
At Surety Bond Authority, we are dedicated to helping you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your grading permit bond, be sure to transact with a reputable surety company early. You may APPLY HERE today and rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
In the assessment phase, our underwriter will need the following information:
- Nature of your profession or business
- Credit score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time!