New York Right-of-Way Work Performance Bond
What is a New York Right-of-Way Work Performance Bond?
It is a security requirement that allows the contractor to acquire permits in order to perform work in the following right-of-way of highways which are under the jurisdiction of the New York Department of Highways and Bridges.
- Roadway entrances
- Street intersections
- Clearing and grubbing
- Excavating for miscellaneous structures
- Other construction work
A performance bond such as this ensures that the Principal (contractor) will complete the project in accordance with the terms and conditions of the permit, relevant laws of the state, and the rules set forth by the New York Department of Highways and Bridges.
How much does a New York Right-of-Way Work Performance Bond cost?
This will vary per applicant. Bond premiums are based on the applicant’s credit score and bond amount. The bond amount will be determined by the New York Department of Highways and Bridges.
If you have an excellent credit score, you will be eligible to pay for a low bond premium, or just 1% of the bond amount.
Check out what you need to pay by getting your FREE SURETY BOND PREMIUM QUOTE HERE!
How can I get a New York Right-of-Way Work Performance Bond?
The first step is to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
We will immediately process your application once we’ve received it. You can easily contact us if you have any questions. One of our expert surety bond agents will take your call and guide you through the whole process. He will also let you know the documents and other information that you need to provide in order to move forward with your application. Some of these are as follows:
- Documents that shows your financial strength
- Proof of your job/business performance history
- Your credit score
An underwriter will evaluate all those. Once that’s done, you’ll be asked to sign an indemnity agreement. After that we will execute the bond and send it to you!
How does a New York Right-of-Way Work Performance Bond work?
This bond has 3 parties:
Principal – Contractor
Obligee – New York Department of Highways and Bridges
Surety – Surety bond company who will issue the bond
As part of the bond’s conditions, the Principal is required to comply with the relevant laws of the State and to all the conditions of the permit. Through this bond, the Obligee is guaranteed of the following:
- The Principal will fulfill the obligations of the contract
- The Surety and the Principal will settle any valid claims that will arise due to the Principal’s misconduct
The Surety will perform an independent investigation to check the validity of any claim. Only when it’s deemed valid will the Surety pay the Obligee. The Principal is required to indemnify the Surety for all the payments made after the claim has been settled by the Surety.
Secure your permit! APPLY FOR THIS BOND HERE!