Portland City Monitoring Wells Performance Bond - $1,000
Public safety is a primary concern especially concerning public groundwater sources; hence, government regulations are imposed protecting water quality. The United States Geographical Survey (USGS) uses these data for profiling and public information to ensure that the integrity of their groundwater will be upheld.
Under the provision of the Ordinance No. 130672 of the Code of the City Portland, a permit will be required for the installation and decommissioning of monitoring wells in the city. More information about the City’s rules and advocacy for protecting their waters can be read in the City’s Groundwater Protection Program.
What is the Portland City Monitoring Wells Performance Bond?
The Monitoring Wells Performance Bond is a prerequisite before construction or extraction of any structure within public property. The bond is a guarantee of both standard work and quality water resource. A penal sum of $1000 will be required as surety for any performance of work in relation to the monitoring wells in the City of Portland.
Why do you need the Portland City Monitoring Wells Performance Bond?
The bond is a prerequisite prior to the beginning of any installation and decommissioning of monitoring wells in the City of Portland. It will also act as surety in the case that damages will be done to the city’s underground structural systems. In addition, the applicant is guaranteed the good reputation of your company; financial security and credential boost; available full line of credit; confidentiality of your transactions - unless required by law; and, access to professional advise or counseling from lawyers, estimators, and similar professionals.
How does the Portland City Monitoring Wells Performance Bond work?
The parties in the agreement are the Principal (business), Obligee (Portland City), and Surety Company or Obligor (surety bond carrier). The bond must be filed with the City of Portland and must be issued by a surety bond provider certified by Oregon’s Insurance Department.
The Surety Company will guarantee the compensation of the Obligee in case the Principal fails to deliver agreed-upon services or violate any licensing provisions. The Surety Company will receive and assess the validity of all public claims where claims may only amount to the total penal sum arranged in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
How much does it cost?
The Multnomah County Road Facilities Work Permit bond amounts to 100$. The cost of it will depend on the individual’s/business’ credit score, industry experience, business history, and the surety provider’s background.
How can I secure the bond?
Transact with a reputable surety company today and secure your Portland City Monitoring Wells Performance 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!