New York Traffic Signal Installation and Maintenance Bond
What is a New York Traffic Signal Installation and Maintenance Bond?
Those who have been allowed by the New York State Department of Transportation to perform the following work within the State of New York are required to obtain this bond.
- Install traffic signals within the State of New York
- Maintain said traffic signals and any equipment or necessary parts thereof in good condition
- Operate traffic signals in a manner which will not constitute a hazard to traffic
The purpose of this bond is to ensure that the contractor will perform the duties stated in the contract. Any violation committed by the contractor will make the New York State Department of Transportation to file a bond claim.
How much does a New York Traffic Signal Installation and Maintenance Bond cost?
Bond premium will depend on the credit score of the Principal (contractor/bond applicant) and the bond amount set by the New York State Department of Transportation.
Those who have excellent credit scores will be eligible to pay only 1% of the bond amount.
Our Low Credit Score Bond Program allows individuals and business entities to apply even if they have low credit scores. Give us a call to know more. You may also check your bond premium by getting your FREE SURETY BOND QUOTE HERE!
How can I get a New York Traffic Signal Installation and Maintenance Bond?
You should first apply for this type of bond to a state-qualified surety such as Surety Bond Authority.
If you’re ready to apply for one right now, you may easily do so HERE!
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
In order to avoid any delays, make sure that you gather the necessary requirements ahead of time. Once they have been evaluated, you will be asked to sign an indemnity agreement. Once you’ve signed it and the bond premium is paid, you bond will be issued and sent to you.
How does a New York Traffic Signal Installation and Maintenance Bond work?
A surety bond is a three-party agreement.
Principal – Ticket reseller
Obligee – People of the State of New York
Surety – Surety bond provider
This bond is for the protection of the Obligee in case the Principal violates any of his or her bonded obligations (relevant laws as well as the rules and regulations of the New York State Department of Transportation).
If the Principal fails to do any of the bonded obligations, the Obligee can file a bond claim. The Surety will first investigate if the claim is valid before paying the Obligee. If it is, the Surety will settle the claim. The Principal must then reimburse the Surety for the payments made.
You can get this bond within a day. APPLY HERE!