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Army Veteran Owned | Expert Surety Bonds Since 2004
Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
Peoples Gas sets a business deposit at roughly twice the monthly gas bill, and for a restaurant, plant or other heavy user that can be a meaningful sum. Peoples Gas states plainly that it accepts a surety bond in lieu of a cash deposit, on its own form. The bond keeps that cash in your business and stays in force until it is cancelled.
Peoples Gas (TECO Peoples Gas) accepts a surety bond or irrevocable letter of credit in lieu of a cash deposit on business accounts. Deposits are based on twice the monthly consumption. The bond is written on the Peoples Gas surety bond form, names TECO Peoples Gas as obligee, and guarantees that the account holder will promptly pay all amounts due for gas service.
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The bond amount follows the deposit Peoples Gas calculates for your account. Its Deposit Options page says deposits are based on twice the monthly consumption and are used to secure an account. The Peoples Gas bond form describes the deposit as approximately equivalent to twice the customer's average monthly bill for gas service. Ask Peoples Gas for the figure on your account before ordering the bond.
The Peoples Gas surety bond form names TECO Peoples Gas as obligee. The bond is void if the principal promptly pays all amounts due to the obligee for gas service. If the principal fails to pay when due, Peoples Gas may recover from the surety immediately without first suing the principal. The surety consents to extensions of time and waives notice of amounts due. If enforcement is needed, the principal and surety are jointly and severally liable for collection costs, including Peoples Gas's reasonable attorneys' fees.
The bond runs continuously until terminated or cancelled. The surety may terminate it by written notice to the principal and Peoples Gas sent by certified or registered mail, return receipt requested. The surety's liability ends 60 days after Peoples Gas receives that notice, except for amounts incurred before then.
Peoples Gas asks customers to complete the appropriate form and mail it to Peoples Gas, C/O Credit and Collections, Commercial Credit Advisors, 605 Lake Kathy Dr., Brandon, FL 33510.
Florida Public Service Commission Rule 25-7.083, Florida Administrative Code, governs gas utility customer deposits. It recognizes an irrevocable letter of credit from a bank or a surety bond as a way to establish credit, and allows a utility to require a deposit from an existing account on at least 30 days' written notice that explains the reason. Peoples Gas states that cash deposits accrue interest annually, applied on December bills.
Yes. Its Deposit Options page states that in lieu of a cash deposit, Peoples Gas will accept an irrevocable letter of credit or a surety bond, using the forms it provides.
The same as the deposit Peoples Gas sets for your account, which is based on twice the monthly consumption.
Yes, by written notice to you and Peoples Gas by certified or registered mail. Liability ends 60 days after Peoples Gas receives the notice, except for amounts already owed.
Under Rule 25-7.083, a gas utility may require a deposit from an existing account with at least 30 days' written notice, sent separately from the bill and explaining the reason.
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