San Diego City Deferred Payment Account – Miramar Landfill Bond
The City of San Diego requires businesses in the area to apply for a bond in order to secure a Deferred Payment Account with the Miramar Landfill and activate their business licenses. This is necessary to ensure the compensation of the local government should accredited patrons cause any licensing infractions like the failure to meet payments.
What is a Deferred Payment Account?
A Deferred Payment Account (DPA) is an account that serves as a loan agreement. This allows the account owner to make future payments at a specified time equating to agreed-upon installation sums.
Regular customers of the Miramar Landfill can apply for a Deferred Payment Account for more convenient transactions. This account allows customers who regularly use the Miramar Landfill services to maintain a minimum service usage equivalent to $1,000 for a three-month period (or $4,000 annual sums) to avoid payments through cash or checks.
For more information, please visit the Office of San Diego City or read further on their Deferred Payment Account Services.
What is the San Diego Deferred Payment Account – Miramar Landfill Bond?
To secure a DPA, the City of San Diego requires Miramar Landfill patrons to file for a bond. The bond guarantees that customers or permittees will adhere to the City’s codes and still meet payments should they default. Apart from this, the city also requires patrons to secure a business tax certificate to open up a DPA account.
How does it work?
The San Diego City DPA – Miramar Landfill Bond must be issued by a surety bond provider accredited by the California Department of Insurance. The parties in the agreement are the Principal (landfill patron or applicant), Obligee (City of San Diego), and Surety/Bond Company or Obligor (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?
San Diego City’s Deferred Payment Account Miramar Landfill Bond will normally cost around 2% to 7.5% of the total bond amount. This will ultimately vary depending on the applicant’s credit score, license history, and industry experience.
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 deferred payment account, 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!