Beaverton City Work in Public Right-of-Way Performance Bond
In the state of Oregon, Beaverton City requires contractors and individuals who will perform construction work along the right-of-way to have a permit and a performance bond.
The right-of-way normally includes driveway repairs, mail boxes, phones, electricity, cable, gas, private water line installations for irrigation, phone, road cuts, road boring, driveway repairs, mail boxes, signs, and utility installations. Road restorations and private improvements are as well identified under the right-of-way.
This is done in order to ensure that a contractor or an individual’s work will not cause damage on the roads, endangering the public and resulting to possible accidents or more expensive repair and maintenance fees for the city.
What is the Beaverton City Work in Public Right-of-Way Performance bond?
The Beaverton City Work in Public Right-of-Way Performance Bond will ensure that a business has secured a surety bond carrier that will initially cover the expenses in case of any licensing violation. Aside from covering the cost of the licensing breaches, the surety bond company will also be responsible for reviewing claims from the public to check for their validity.
The Principal, or the business, however, is still responsible for the financial loss that the surety bond company will face in the case of positive claims. The business will be required to compensate the surety carrier for any type of payments made as long as it is within the grounds of the bond. If the Principal fails to do so, their license may be suspended. The bond company will be ensured legal protection as the conditions for reimbursement, along with the premiums, will be detailed in writing and signed prior the issuance of the bond.
To know more about the City of Beaverton’s right-of-way licensing requirements, you may visit their permits and licenses page.
Why do you need the Beaverton City Work in Public Right-of-Way Performance bond?
The bond is a pre-requisite prior the beginning of construction work – both by businesses and individuals – that will perform works along the right-of-way in Beaverton City. Aside from this, you are guaranteed the good reputation of your company, financial security and credential boost, available full line of credit, confidentiality of your transactions (unless required by law), and access to professional advice counseling from lawyers, estimators, and similar professionals.
How does the bond work?
The parties in the agreement are the Principal (business and individuals or permittee), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the City of Beaverton and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does it cost?
The Beaverton City Work in Public Right-of-Way Performance Bond is normally priced at 0.5% of the total bond amount. To get your quote for this bond, you may contact one of our experienced surety agents.
How can I secure the bond?
Transact with a reputable surety company today and secure your Beaverton City Work in Public Rights-of-Way Performance Bond the fast and easy way. If you have more questions or are in need of more information, get in touch with us today.
Make sure you have gathered and provided accurate information on the following for the speedy processing of your application:
- Nature of your business
- Credit Score
- Financial strength
Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond. Once the assessment is done, we will promptly issue your bond and send it your way!