GRADING BOND

Subdivision, Maintenance & Grading Bonds

GRADING BOND OVERVIEW:

A Grading Bond is normally procured by a property owner in order to get a grading and/or building permit. The bond guarantees that the grading is being completed in conformity with the approved building plans and terms of the granting of a permit. In order to cancel the bond, the municipality must tender a release. In most cases it is the property owner who is required to qualify for the bond.

With the recent failure of the subdivision market these bonds can be carefully underwritten. To qualify the surety will make sure that the owner has adequate funding for the grading work. Aside from their good personal credit we will also want to make sure that the work is being completed by a reputable licensed contractor.

Public Works Bond rates start at 1% or higher based on credit and financial strength

Minimum premium of $250,000

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