Fast Pass Site Improvement Application Bond - Statewide in All States

Brief Summary

A fast pass site improvement bond lets a developer or contractor move a site improvement application through an expedited review while giving the city or county a guarantee that the approved work will actually be built. The amount is not a fixed number. The permitting office sets it from the cost of the improvements on your plans, so the figure on your bond should match the approved estimate, not a guess.

The Fast Pass Site Improvement Application bond is posted by the property owner, developer or contractor who files a site improvement application under a local expedited review program. The obligee is the city or county that runs the program. The bond guarantees that the grading, paving, drainage, utilities, planting or other site work shown in the application will be completed as approved, and it gives the local government a source of funds to finish or correct the work if the principal does not.

We can help with all All States bonds!

How to Apply for a Fast Pass Site Improvement Application Bond:

• Get the approved cost estimate or bond amount from the city or county handling the fast pass application.
• Confirm the exact obligee name and whether the office requires its own bond form.
• Complete the surety application with the principal's legal name, the project address and a description of the site improvements.
• Provide credit information and, for larger amounts, business financial statements.
• Pay the premium and receive the executed bond on the required form.
• Deliver the original bond to the permitting office with the site improvement application.

Detailed Information About the All States Fast Pass Site Improvement Application Bond:

Who posts the bond and who it protects

The principal is whoever files the site improvement application: usually the owner, the developer or the general contractor. The obligee is the local government that reviews the application and issues the permit. If the principal abandons the work or builds it out of compliance with the approved plans, the obligee can call on the bond to pay for completing or correcting it.

How the amount is set

There is no single national amount for this bond. The permitting office sets it for each project, and the usual basis is the cost of the improvements on the approved plans. The City of San Diego is a good documented example. Its Information Bulletin 126 requires a Construction Cost Estimate based on the latest Unit Price List, prepared by a California licensed civil engineer and approved by the city's reviewer. The bond is then written in favor of the City of San Diego on the city's own form, DS-401 for a performance bond, by a surety authorized to do business in California. Other cities and counties follow their own version of the same approach.

Before ordering the bond, get three things from the permitting office in writing: the approved bond amount, the exact obligee name, and whether the office requires its own bond form.

What the bond does not do

The bond secures completion of the listed site improvements. It does not replace the permit, the plan approval or any separate right of way, grading or utility bond the same office may require for other parts of the project.

How the premium is set

The surety prices the bond from the bond amount, the principal's credit and financial statements, and the principal's experience completing similar site work. For larger amounts the review can include business financial statements and work in progress schedules.

Eligibility and Requirements for a All States Fast Pass Site Improvement Application Bond:

• Bond amount set by the local government, usually from an approved construction cost estimate.
• The city or county running the fast pass program named as obligee.
• Principal name matching the applicant on the site improvement application.
• Surety authorized to do business in the state where the project is located.
• Bond kept in force until the improvements are accepted and the obligee releases it.

All States Fast Pass Site Improvement Application Bond FAQs:

Official and Additional Resources for the All States Fast Pass Site Improvement Application Bond: