Oregon Water Well Constructor Bond
The use of wells in the State of Oregon centers on domestic, agricultural, municipal, industrial, and environmental uses. The wells that are connected to the state’s groundwater resources are regularly maintained to ensure that no contamination occurs and to minimize alterations that may cause environmental risks or hazards. This is done in order to secure the integrity of the state’s groundwater for current and future public and private uses.
The Oregon Water Well Constructor Bond ensures that an individual or a business will be granted with a Water Well Constructor’s License by the Water Resources Commission. This is done to ensure that the constructions of the wells are in accordance with the state’s laws.
What is the Oregon Water Well Constructor Bond?
The Oregon Water Well Constructor Bond will ensure that a business will pay for the needed expenses in the case of a breach with a licensing law, as agreed upon on the bond form, through a surety bond carrier. Aside from paying for the needed compensation, the surety bond company will also be responsible for reviewing claims from the public to check for the validity of the compensation claims.
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 business will be required to compensate the surety carrier for any type of payments covered as long as it is within the grounds of the bond. If the Principal fails to do so, their license may be suspended.
You may visit ORS 537.505 or the Ground Water Act of 1955 for information on the bond and the regulations governing it.
Why do you need the Oregon Water Well Constructor Bond?
The Oregon Water Well Constructor Bond is a pre-licensing requirement imposed by the state in order for businesses to begin their operations constructing wells for homeowners and companies. Aside from the legal compliance, the bond will also help you benefit from the following:
- 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 counseling from lawyers, estimators, and similar professionals
How does the bond work?
The parties in the agreement are the Principal (water well constructors), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Water Resources Department and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does it cost?
You may expect the Oregon Water Well Constructor Bond, typically, to be priced at 1% of the total bond amount. To get a more specific quote for this bond, you may contact one of our experienced surety agents.
How can I secure the bond?
Transact with a reputable surety company today and secure your Oregon Water Well Constructor 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!