Oregon Waste Tire Carrier Bond - $5,000
Oregon laws define waste tire as those that are no longer usable for their primary purpose due to use, defect, or damages. In the state, only about one-third of the four million waste tires accumulated are recovered. This presents severe environmental hazards like the accumulation of rainwater in unused tires that can potentially cause diseases. There is also the long decomposition of the tires that may add to the existing environmental concerns on waste management.
The state’s Department of Environmental Quality (DEQ) is the agency responsible for setting the environmental standards relating to waste tire disposal. The agency sets these parameters through ORS 459.705.
What is the Oregon Waste Tire Carrier Bond?
The Oregon Waste Tire Carrier Bond will ensure that a surety bond company will pay for the needed compensation in the case a company violates a licensing provision with the grounds stated on the bond form. Aside from paying for the needed compensation, the surety bond company will also be responsible for reviewing claims from the public to check for its validity for compensation.
The Principal, or the business, however, is still responsible for the financial loss that the Surety Bond Company will face in the case of the former being sued. The former will be required to compensate the latter for any type of payments were made as long as it is within the grounds of the bond. If the Principal fails to do so, their license may be suspended. The state imposes a total bond amount of $5,000 for this type of bond.
For more information on licensing requirements, please visit Oregon’s Waste Tire Management page.
Why do you need the Oregon Waste Tire Carrier Bond?
The bond is a pre-requisite prior the beginning of a business that will deal with tires and those that will produce the said type of wastes in the future. In addition, the applicant is guaranteed the good reputation of their company; financial security and credential boost; available full line of credit; confidentiality of your transactions - unless required by law; and, access to professional advice counselling from lawyers, estimators, and similar professionals.
How does the bond work?
The parties in the agreement are the Principal (waste tire carrier), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Department of Environmental Quality and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does it cost?
The cost of the Oregon Waste Tire Carrier Bond has a pricing structure that will largely depend on the employer’s credit score, industry experience, business history, and the surety provider’s background. You will normally find the bond itself priced between $100 and $400 following this price structure:
| Premium Rate | Cost |
|---|---|
| 1.50% | 125$ |
| 2.00% | 100$ |
| 2.50% | 125$ |
| 4.00% | 200$ |
| 5.00% | 350$ |
| 7.50% | 375$ |
| 8.00% | 400$ |
How can I secure the bond?
Transact with a reputable surety company today and secure your Oregon Waste Tire Carrier Bond the fast and easy way. If you have more questions or are in need of more information, 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!