New York Solid Waste Transfer Station Bond
What is a New York Solid Waste Transfer Station Bond?
This is required of every person or business entity that has applied for an authorization to set up a solid waste transfer station from the New York State Department of Environmental Conservation.
The purpose of this bond is to ensure that the solid waste transfer station will perform the following obligations:
- Restore the premises to its original condition and to the satisfaction of the New York State Department of Environmental Conservation
- Remove all solid, hazardous waste, and debris
- Remove recyclables or materials designated for re-use
- Promptly pay the Department of Environmental Conservation’s (DEC) penalty based on the New York State of Environmental Conservation Law and DEC permit No. 2-6007-00090/1
How much does a New York Solid Waste Transfer Station Bond cost?
Bond premium ranges from 1.5% to 8% of the bond amount. This will depend on the bond applicant’s credit score.
The bond amount will be determined by the New York State Department of Environmental Conservation.
Once you have determined your bond amount, you can find out what your bond premium will be by claiming your FREE SURETY BOND QUOTE HERE!
How can I get a New York Solid Waste Transfer Station Bond?
APPLY FOR THIS BOND
If you are ready to do this now, you may APPLY HERE!
One of our expert surety bond agents will guide you through the entire process – from the time you have applied until the bond is issued to you.
Next, you will be asked to submit a few important information that our underwriter requires in order to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed prior to submitting your application.
After the indemnity agreement is signed, the bond will be issued and sent to you!
How does a New York Solid Waste Transfer Station Bond work?
Parties to this bond:
Principal – Solid Waste Transfer Station
Obligee – New York State Department of Environmental Conservation
Surety – Surety bond company
The Principal is the party who is required to perform all the pre-determined conditions stated in the bond. The Obligee is the party who is requiring the bond and who will benefit from a bond claim. The role of the surety is to assure the obligee that the principal is capable of fulfilling the obligations. When a claim is made against the bond, the surety will evaluate the claim by identifying the ordinance, regulation, and other laws that governs it.
The surety is required to pay the obligee on behalf of the Principal if the claim is valid. After the payment has been settled by the surety, the principal will be asked to reimburse the said payment.