New York Environmental Conservation Performance Bond
What is a New York Environmental Conservation Performance Bond?
It is a guarantee that the person who has entered into a contract with the New York State Department of Environmental Conservation will satisfactorily perform the obligations of the contract.
This bond will cover the project stated in the bond form. The New York State Department of Environmental Conservation can file a bond claim in case the contractor failed to perform the bonded obligations.
This bond will be used to cover a contractor’s default through a number of ways including insolvency and improper performance. Through this bond, the person who will be affected by the violation of the contractor will be able to recover the amount needed to repair, maintain, or finish a project.
How much does a New York Environmental Conservation Performance Bond cost?
The bond premium will vary per applicant. It will be based on the applicant’s credit score and the bond amount set by the New York State Department of Environmental Conservation to cover the cost of the project.
Bond premium starts at 1% of the bond amount for those who have excellent credit scores. The maximum bond premium for this bond is 10% of the bond amount.
If you know your bond amount now, you may check your bond premium by claiming your FREE SURETY BOND QUOTE HERE!
How can I get a New York Environmental Conservation Performance Bond?
We’ve made the process easier so that you can get your license and start your business faster. Just follow these simple steps:
- APPLY FOR THIS BOND HERE!
- Your application will immediately be processed once we have received it. We will contact you if we need further information or if you need to submit documents needed for the prequalification process. The following will be checked during the prequalification process:
- Your financial capability
- Your business or job performance history
- Your credit score
Our expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you after the indemnity agreement is signed.
How does a New York Environmental Conservation Performance Bond work?
This bond has 3 parties:
Principal – person who entered into a contract with the New York State Department of Environmental Conservation
Obligee – New York State Department of Environmental Conservation on behalf of the People of the State of New York
Surety – Surety bond provider
Under the terms of this bond, the Principal must comply with the conditions of the contract. The Surety will assure the Obligee (beneficiary of the bond) that the Principal will fulfill all the obligations. If not, the Obligee can file a claim against the bond. The Surety will first investigate the validity of the claim. If the claim is valid, the surety will pay the Obligee. As part of the conditions of the bond, the Surety must start the work of completion within 20 days of receiving the notice from the Department. Once the Surety has paid the Obligee, the Principal must reimburse the Surety of the full amount.
24/7 surety bond service. APPLY HERE!