Gresham City Right-of-Way Permit Performance and Completion Bond
The total spending for non-residential public constructions in 2017 was expected to reach approximately 273 billion US dollars. Works under non-residential projects normally include the right-of-way. As defined under Oregon Revised Statutes 800, the right-of-way normally includes highways, roads, buildings, and all other improvements.
In the State of Oregon, Gresham City requires contractors and individuals who will perform works along the right-of-way to obtain a permit and a bond from the proper government agencies
What is the Gresham City Right-of-Way Permit Performance and Completion Bond?
The Gresham City Right-of-Way Permit Performance and Completion bond will ensure that a surety bond company will pay for claims in the case of a company’s violation to comply with a licensing law with the grounds stated on the bond form.
For more information on licensing requirements in the city, you may visit the Graham Revised Code Article 6.35.
Why do you need the Gresham City Right-of-Way Permit Performance and Completion Bond?
The bond is a pre-requisite prior the beginning of a business or an individual that will perform works along the right-of-way in Gresham City. In addition, the applicant is 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 or counseling from lawyers, estimators, and similar professionals.
How does the Gresham City Right-of-Way Permit Performance and Completion Bond work?
The parties in the agreement are the Principal (licensee), Obligee (City of Gresham), and Bond Company or Obligor (surety bond carrier). The bond must be filed with the City of Gresham and must be issued by a surety bond provider certified by the state’s Insurance Department.
The Surety Company will guarantee the compensation of the Obligee in case the Principal fails to deliver agreed upon services or violate any licensing provisions. The Surety Company will receive and assess the validity of all public claims where claims may only amount to the total penal sum arranged in the bond form. The Principal will then reimburse all expenses covered by the Bond Company.
How much does it cost?
You may expect the bond to be priced typically at 1% of the estimated cost. To give you a better picture and help you prepare for the credit check the surety company will conduct, here are the determining factors for the premium rates:
- employer’s credit score
- industry experience
- business history
- surety provider’s background
How can I secure the bond?
Transact with a reputable surety company today and secure your Gresham City Right-of-Way Performance and Completion bond the fast and easy way. If you are in need of clarifications on surety bond related queries, 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!