Subdivision Bonds, which are required by city and county governments, cover the offsite public improvement obligations associated with commercial and residential developments. Offsite public improvement requirements include the construction and maintenance of curbs, lights, sidewalks, driveways, streets, and landscaping adjoining the development property. Sewer and water connections, and the current year's tax obligation, based on the value of the property once the improvements are complete, are also included.
The types of Subdivision Bonds we can provide include:
Performance Bonds guarantee the construction of the offsite improvements in accordance with the subdivision agreement.
Payment Bonds or Labor & Material Bonds guarantee the payment of suppliers, subcontractors, and laborers who provide goods and services to the project.
Maintenance Bonds guarantee that the owner of the property will maintain the offsite improvements for a period of time, usually one year, after the work is accepted by the city or county.
Monument Bonds guarantee the property is properly surveyed, and the property lines are properly marked.
Tax Bonds serve as a financial guarantee that the property taxes, based on the improved value of the property, will be paid by the developer or owner. These bonds usually cover only the first year's taxes.
Subdivision Bonds, which are required by city and county governments, cover the offsite public improvement obligations associated with commercial and residential developments. Offsite public improvement requirements include the construction and maintenance of curbs, lights, sidewalks, driveways, streets, and landscaping adjoining the development property. Sewer and water connections, and the current year's tax obligation, based on the value of the property once the improvements are complete, are also included.
Toll Free Surety Bond Hotline© (877) 723-4224
