Portland City Street Opening Bond - $2,000
The Portland Code of City requires businesses planning to operate on its streets to file a bond with the city prior to performance. Section 17.32.040, which specifies the types of permits and reviews in relation to the streets and underground system of Portland, states that these operations may include digging up, disturbing, excavating, digging under, and undermining the streets of the city.
What is the Portland City Street Opening Bond?
The bond ensures that the permittee will faithfully observe and comply with the laws and regulations in relation to street operations.
The bond further expounds that the responsibility of the Principal includes cleaning any type of sediment from the operation, maintaining the street in a satisfactory condition, and ensuring that the portion of the street will be in good repair for a period of two years. After this, the Principal’s obligation will be null and void.
Why do you need the Portland City Street Opening Bond?
The bond is a prerequisite prior to any operations and projects in the streets in the City of Portland. It will also act as surety in the case of non-compliance or violation. In addition, applicants will enjoy the following:
- Good company reputation
- Financial security and credential boost
- Available full line of credit
- Confidentiality of your transactions - unless required by law
- Access to professional advice or counseling from lawyers, estimators, and similar professionals
How does the Portland City Street Opening 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 bond is normally priced around $100 while the total bond amount is at $2,000. 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?
Get your Portland City Street Opening Bond the quickly and hassle-free by transacting with a reputable surety provider. Get in touch with us today to get your surety bond related questions answered and to secure proper licensing in no time!
For a speedy processing and issuance of the bond, make sure you have gathered and provided accurate information on the following:
- 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!