SITE IMPROVEMENT BOND
Subdivision, Maintenance & Grading Bonds
SITE IMPROVEMENT BOND OVERVIEW:
A Site Improvement Bond is required by the government in order to ensure that a developer will properly upgrade any public property affected as a result of a private construction project. Additionally, these contract bonds provide a guarantee that the developer will install improvements in accordance with building codes associated with a residential property or development affecting public property belonging to the obligee.
The major difference between site improvement bonds and subdivision bonds is that site improvement bonds pertain to upgrades on pre-existing buildings or public property, whereas subdivision bonds concern new buildings.
Public Works Bond rates start at 1% or higher based on credit and financial strength
Minimum premium of $250
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