Oakland City Demolition of Buildings or Structures Permit Bond
The City of Oakland requires businesses in the area to apply for a bond in order to legally demolish or remove any infrastructure and activate their business licenses. This is necessary to ensure the compensation of the public should accredited businesses cause any licensing infractions, like damage to public property, in the course of the project.
What is a Demolition Permit?
Projects that involve the demolition of any structure in the City of Oakland require a demolition permit to ensure that City Standards are being followed in the course of the project. Applicants must prepare and submit all requirements including the payment of a demolition permit fee to the Building Official.
What is the Oakland City Demolition of Buildings or Structures Permit Bond?
According to the City’s Municipal Code, the owner of any demolition project who does not have a valid license issued by the Contractor’s State License Board must first secure a bond to get their demolition permit. The bond guarantees that permittees will adhere to the City’s codes, deliver expected outcomes to quality, and strictly follow engineering standards.
Under the rule of the permit, contractors must complete the demolition of the building or structure, clean after the debris, and restore the area into its former working condition. Noncompliance will result in a $1,000 civil penalty per violation of the chapter.
For more information, please visit the Oakland City Hall or peruse through their Municipal Code.
How does it work?
The Oakland City Demolition of Buildings or Structures Permit Bond must be issued by a surety bond provider accredited by the California Department of Insurance. The parties in the agreement are the Principal (contractor or applicant), Obligee (Oakland City), and Surety/Bond Company (surety bond provider or insurance).
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 claims may only amount to the total penal sum arranged in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
The Bond Company is secured through an indemnity agreement as the permit applicant or licensed business will ensure the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond.
How much does it cost?
Typically, the Oakland City Demolition of Buildings or Structures Permit Bond will cost around 0.5% of the total bond amount.
Want to know your standing? Visit here and get your surety bond quote today!
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 demolition permit bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. 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!