Frequently Asked Questions (FAQ)
Bond Amount ranges from $100.00 to $100,000.00. Standard Rate is 4.000% per 2 years; with a minimum premium of $100.00.
Street Road Cut Bond in Jefferson County, Colorado
Street Road Cut Bond in Jefferson County, Colorado
The Street Road Cut Bond in Jefferson County, Colorado (COLORADO-COUNTY OF JEFFERSON STREET ROAD CUT BOND) is a form of financial guarantee required for companies that perform street road cutting in Jefferson County. This bond helps protect the interests of the municipality and its residents, ensuring that road work is done properly and meets all standards.
Agents can issue the COLORADO-COUNTY OF JEFFERSON STREET ROAD CUT BOND in Colorado through the online portal.
What is a Street Road Cut Bond?
The Street Road Cut Bond in Jefferson County, Colorado (COLORADO-COUNTY OF JEFFERSON STREET ROAD CUT BOND) is a financial guarantee required for companies that perform road cutting work. This bond protects the municipality and local residents from damage caused by improperly or untimely performed road work.
Key Points About the COLORADO-COUNTY OF JEFFERSON STREET ROAD CUT BOND:
- License Requirement: To perform road work in Jefferson County, companies must obtain a bond ranging from $100 to $100,000.
- Consumer Protection: If a company fails to meet the contract terms or damages the road, the county can file a claim against the bond to recover the damages.
- Bond Amount: The bond amount depends on the scope of work and contract requirements, but typically ranges from $100 to $100,000. Companies pay only a portion of this amount as a premium.
- Obligations: Companies must comply with all laws and regulations governing road work. Violating these regulations may result in claims against the bond.
Example with Boris
Boris ran a construction company that performed street road cutting in Jefferson County. To do this work, Boris obtained the COLORADO-COUNTY OF JEFFERSON STREET ROAD CUT BOND for $50,000. However, his company violated the contract terms, leading to damage to the road infrastructure. The county filed a claim against his bond, and Boris lost the bond, leading to financial losses for his company.
Thus, a street road cut bond is an essential tool for protecting the interests of the municipality and ensuring quality road work.
How much does a Street Road Cut Bond cost in Colorado?
The cost of the COLORADO-COUNTY OF JEFFERSON STREET ROAD CUT BOND varies depending on the bond amount and contract terms. The premium is 4% of the bond amount for a two-year period, with a minimum premium of $100.
Frequently Asked Questions
What is the COLORADO-COUNTY OF JEFFERSON STREET ROAD CUT BOND?
This is a financial guarantee required for companies that perform road work in Jefferson County, Colorado, to protect the interests of the municipality and residents.
How can I obtain the COLORADO-COUNTY OF JEFFERSON STREET ROAD CUT BOND?
You can obtain this bond through your insurance agent’s online portal or directly through this platform.
How much does a Street Road Cut Bond cost?
The bond cost ranges from $100 to $100,000, depending on the scope of work. The premium is 4% for a two-year term, with a minimum premium of $100.
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Execution Notes
Bond must have an original signed Attorney in Fact signature.
Filing Method
Executed bond must be filed with the obligee by agent/principal.
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