Concessionaire Bond - Waterbury, CT in Connecticut

Brief Summary

If the City of Waterbury awards you a concession, the bond is what lets the city hand over its space without holding your cash as security. You pay a premium, the surety backs your promises under the concession agreement, and the bond is delivered to the city before the agreement starts.

A Waterbury concessionaire bond guarantees the City of Waterbury that a business operating a concession on city property, such as food, beverage or recreation services, will meet the terms of its concession agreement. That usually includes paying rent or fees owed to the city and keeping the space in good order. The bond amount and conditions are set in the city's bid documents or concession agreement.

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How to Apply for a Concessionaire Bond:

• Locate the bond or security section in the RFP, bid package or concession agreement.
• Confirm the required bond amount, term and obligee wording with the City of Waterbury.
• Ask whether the city requires its own bond form.
• Provide the legal business name exactly as it appears on the concession agreement.
• Owner name, home address and Social Security number for the surety's credit review.
• Pay the premium and deliver the original bond to the city before the agreement takes effect.

Detailed Information About the Connecticut Concessionaire Bond:

The agreement sets the bond, not a city ordinance

A concession bond is tied to a specific contract. The amount, term and conditions come from the request for proposals, the bid package or the signed concession agreement with the City of Waterbury. Read the security section of your agreement before ordering the bond, and match its wording exactly.

Who posts it

The business awarded the concession posts the bond as principal, with the City of Waterbury as obligee. The bond is usually due before the concessionaire takes over the space or opens for business.

What it guarantees

The bond backs the concessionaire's obligations under the agreement. Depending on the contract, that can include payment of concession fees or a share of receipts to the city, operating during required hours, maintaining city equipment and premises, and leaving the space in proper condition at the end of the term. If the concessionaire defaults and the city makes a valid claim, the surety pays and then recovers the cost from the concessionaire.

Where to start

City contracts are procured through the Waterbury Purchasing Department at City Hall, 235 Grand Street, (203) 574-6747. Vendors register on the city's eBid site to receive bid notices and documents. Note that the city's purchasing rules bar anyone who is in default as surety or otherwise on an obligation to the city from being awarded a bid.

Eligibility and Requirements for a Connecticut Concessionaire Bond:

• City of Waterbury, Connecticut named as obligee.
• Bond amount as stated in the concession agreement or bid documents.
• Surety company authorized to write bonds in Connecticut.
• Principal name on the bond matching the concession agreement.
• No outstanding default to the city, which can disqualify a bidder under city purchasing rules.

Connecticut Concessionaire Bond FAQs:

Official and Additional Resources for the Connecticut Concessionaire Bond: