Salem City Street/Easement Opening Blanket - $5,000
The City of Salem requires contractors to file for a surety bond before the performance of any public work on the city’s streets and pavements. Under Sec 81.120, cutting, breaking, digging up, damaging (in any manner), undermining or tunneling under any public street or alley along with constructing, repairing, or reconstructing any public sanitary sewer or storm drain will require a permit from the city.
What is the Salem City Street/Easement Opening Blanket?
As required legally and by the Director of Public Works in the city, a fee of $5,000 is needed before filing a permit for construction on the city’s streets and pavements. This license will be valid for a period of one year. After construction, the Principal will be required to return the street to its original condition.
Why do you need the Salem City Street/Easement Opening Blanket?
The bond is a prerequisite prior the beginning of any construction along the City of Salem’s streets and pavements. In addition, applicants will also reap the following benefits:
- 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;
- Access to professional advice or counseling from lawyers, estimators, and similar professionals.
How does the Salem City Street/Easement Opening Blanket work?
The parties in the agreement are the Principal (business or permittee), Obligee (City of Salem), and Surety/Bond Company or Obligor (surety bond carrier). The bond must be filed with the Salem City 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?
The local government set the total bond amount for the Salem City Street/Easement Opening Blanket Bond at $5,000. Applicants will normally have to prepare around $100 for the bond fee to be paid upon the application with the surety carrier. To help you better prepare, the cost of the bond will typically depend on the following:
- Applicant’s credit score;
- Industry experience;
- Business history; and
- Surety provider’s background
How can I secure the bond?
Get your Salem City Street/Easement Opening Blanket Bond quickly and hassle-free by transacting with a reputable surety company. Get in touch with us today to get your surety bond related questions answered and to secure proper licensing in no time.
For the speedy processing and issuance of your bond, make sure you gather and provide the following information as accurately as possible:
- Nature of your business
- Credit Score
- Financial strength
Rest assured our expert surety bond agents 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!