Blanket Building and Construction Bond in City of El Paso, Texas
What is a Blanket Building and Construction Bond?
All businesses that wish to operate as contractors in El Paso, Texas, must first obtain a blanket building and construction bond from the city before commencing work. This bond serves as an important protection for both businesses and city residents. It guarantees to the city that contractors will follow all of its codes and regulations, such as those related to public safety, licensing requirements, and other areas.
The filing of this bond creates a legal contract between the contractor and city officials responsible for overseeing adherence to these rules and guidelines. Working with licensed contractors who have acquired this bond is an effective way to ensure construction projects in the City of El Paso will be done safely, responsibly, and in accordance with applicable laws.
Here’s what you need to know about blanket building and construction bonds and how to obtain them.
Who needs to get a blanket building and construction bond?
When construction or development on public properties in El Paso is required, blanket building and construction bonds serve as assurances that the contractor has enough coverage for the unexpected. The bond is often a requirement for projects such as pavement cuts or excavations in the public right of way, temporary signage, and fences.
Each one of these activities can incur financial risks due to circumstances beyond what the contractor anticipated. And for these reasons, obtaining a bond is essential for both protection and peace of mind.
Pricing
The bond amount usually falls between $10,000 and $50,000, depending on the type of work you will complete. However, the El Paso Building Official has the authority to require a larger bond amount of $25,000 if the dollar amount of your project exceeds $10,000. A $10,000 bond will cost a flat rate of $100 for the full year. The $25,000 bond will cost a flat rate of $250. Credit may need to be reviewed for the $50,000 bond.
At TMD, our goal is to simplify the process of providing surety bonds and make it stress-free. With our fully automated website, pay for your bond and receive it via email within minutes. Purchase a surety bond through TMD Surety Bonds for your next project!
At TMD, our goal is to simplify the process of providing surety bonds and make it stress-free. With our fully automated website, pay for your bond and receive it via email within minutes. Purchase a surety bond through TMD Surety Bonds for your next project!
- Click the Buy Now button.
- Fill out the easy bond form.
- Confirm your order and select how you would like your bond documents delivered. Email or regular mail.
- Pay for your bond.
- If you chose to have your documents emailed, you will receive them within minutes.
It’s that simple and fast!
Bond Purchase Process
1. Find Your Bond
2. Secure Pricing
3. Buy Online
Get Started
The bonding process can be confusing and cumbersome. Our surety bond experts are standing by and ready to answer any questions. Let’s get you bonded today!
Frequently Asked Questions
For the most part, yes. Bad credit can increase rates for license and permit bonds and most can also get approved for fidelity bonds regardless of credit. For contract bonds, larger contractors with poor credit can be approved with strong CPA-prepared business financials.
It’s a legally binding contract that you must sign to obtain a surety bond. The agreement guarantees that if you cause bond claims you will pay them in full.
You must fulfill the terms of the bond obligations, which vary immensely depending on bond type. Where you obtain your surety bond is important when it comes to understanding claims and avoiding them entirely. If you have any questions about what your bond does or doesn’t guarantee, reach out to our experts to help guide you along the way.
Looking to Get Started or Have Questions?
The bonding process can be confusing and cumbersome. Our surety bond experts are standing by and ready to answer any questions. Let’s get you bonded today!