Performance - Site Improvement Bond - Margate, FL in Florida

Brief Summary

A site improvement performance bond lets a developer or contractor in Margate move ahead on a project while guaranteeing the City that the approved site work will be finished. The bond amount is set by the City for your specific project, so there is no one size figure. You pay a premium rather than leaving cash on deposit with the City while the work is underway.

The City of Margate Engineering Division reviews plans for public and private development projects and permits and inspects site development work. A Performance Site Improvement bond names the City of Margate as obligee and guarantees that the principal completes the site improvements shown on the approved plans. The amount depends on the project, so confirm the figure, form and release terms with the Engineering Division before the bond is issued.

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How to Apply for a Performance - Site Improvement Bond:

• Get the required bond amount and any City bond form from the Margate Engineering Division.
• Have the project name, address and permit or plan number ready to show on the bond.
• Provide the legal name of the developer or contractor exactly as it appears on the permit application.
• Supply financial information and the project contract or cost estimate for underwriting.
• Sign the executed bond and file it with the City before work that requires it begins.
• Request release of the bond from the City once the improvements pass final inspection.

Detailed Information About the Florida Performance - Site Improvement Bond:

The amount is set for your project

There is no fixed bond amount for site improvements in Margate. The figure is tied to the improvements on your approved plans, so two projects on the same street can carry very different bonds. Get the required amount in writing from the City before you request a quote, because the surety writes the bond for that exact figure.

Who sets the requirement

The City of Margate Engineering Division issues engineering and tree permits, reviews plans for all public and private development projects and work in the City's rights of way, and handles design review, permitting and construction inspection of site development activities. Its posted procedures include the Engineering Construction Permit Procedures and the Engineering Permit Construction Requirements. Ask for the bond requirement when your plans are under review.

What the bond guarantees

The City of Margate is the obligee. The developer or contractor responsible for the work is the principal. If the site improvements are not completed as approved, the City can make a claim against the bond to fund completion, up to the bond amount. The principal must repay the surety for any claim it pays, so the bond is a guarantee, not insurance for the contractor.

Before you buy

Confirm the bond amount, the City's required bond form or wording, the project name and permit number to show on the bond, and how and when the City releases it after final inspection. The Engineering Division is at 901 NW 66th Ave, Suite A, Margate, FL 33063, phone 954-972-0828.

Eligibility and Requirements for a Florida Performance - Site Improvement Bond:

• City of Margate named as obligee.
• Bond amount set by the City for the specific project.
• Principal name matching the engineering permit application.
• Surety review of the principal's credit, financial statements and construction experience.
• Indemnity agreement signed by the owners of the principal.

Florida Performance - Site Improvement Bond FAQs:

Official and Additional Resources for the Florida Performance - Site Improvement Bond: