Multnomah County Road Facilities Work Permit Bond
According to a public spending research in 2017, the US state and local government has spent 87.72 billion dollars on highway and street constructions. With much responsibility in such a profitable industry, contractors successfully bidding on public works projects are mandated to secure the proper permits and licenses to abide by work and employment standards.
What is the Multnomah County Road Facilities Work Permit Bond?
A public construction work that will cost above $100,000 will need to file a $30,000 bond with the Construction Contractors Board (CCB). Under the ORS 314.310, permits must be issued before the performance of public construction works along state roads, which includes the Multnomah County Road Facilities Work Permit Bond.
You can be exempted from the bond if you are not required to pay any prevailing wages, which is under ORS 279C.800 to 279C.870. You may also be exempt if you qualify as a certified disadvantaged, minority, woman, service disabled veteran or emerging small business owner. More details about this can be read in the Office for Business Inclusion and Diversity’s form.
Why do you need the Multnomah County Road Facilities Work Permit Bond?
The bond is a prerequisite prior the beginning of any construction and is a guarantee that workers will be duly paid in the event the contracting company fails to complete the project and collect claims. In addition, the applicant will also enjoy other benefits as follows:
- Good reputation of your company
- Financial security and credential boost
- Available full line of credit
- Confidentiality of your transactions - unless required by law
- Access to professional counseling from lawyers, estimators, and similar professionals
How does the Multnomah County Road Facilities Work Permit Bond work?
The parties in the agreement are the Principal (business or permittee), Obligee (County of Multnomah), and Surety/Bond Company or Obligor (surety bond carrier).
The bond must be filed with the Multnomah County and must be issued by a surety bond provider certified by Oregon’s Insurance Department.
The Surety Company will guarantee the compensation (performance bond) 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 shall reimburse all expenses covered by the Surety Company.
How much does it cost?
Securing this bond will typically cost you around 1% of the total bond amount. The cost will normally depend on the following:
- Applicant’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 Multnomah County Road Facilities Work Permit Bond the fast and easy way. Get in touch with us today to get your surety bond related questions answered and to secure proper licensing in no time.
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!