What is the City of Fort Worth Street and Storm Drain Contractors Bond, and Who Needs It?
Contractors must obtain this bond before performing construction on the city’s streets, and storm drains.
This bond assures against financial loss due to the actions of contractors working on the city’s streets and storm drains. The three parties involved in this bond are as follows:
- The principal, or bondholder, who is the contractor obtaining the bond
- The obligee, which is the City of Fort Worth’s Department of Development
- The surety company, which is the issuer of the bond and the guarantor of the performance of the bondholder contractor
Much like an insurance policy, a surety company bond will compensate covered losses up to the bond amount. But unlike an insurer, a surety company will expect reimbursement for the settlement cost from the contractor to whom the bond was issued.
Requirements
Contractors applying for this bond must provide the following:
- A license application form (if a new contractor business)
- A licensing fee of $500
- Proof of liability insurance in the amount of $10 million, with the City of Fort Worth named as certificate holder and insured
Cost
The bond amount, which reflects the coverage limit (also commonly known as the penalty), is $25,000. The cost of obtaining this bond is just $125.
- 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!
- 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!
At TMD Surety Bonds, we’ve made it fast and easy to acquire the $25,000 Forth Worth street and storm drain contractors bond. The application process takes minutes and can typically be processed almost immediately, and your bond sent to you electronically.
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 most bonds, you can get instantly approved and print bonds at your home or office. However, we do not offer instant approvals for a select number of bonds, as the underwriting process generally involves a more extensive review of the applicant.
The entity requiring the bond (the obligee) will determine whether a bond is required. Bond requirements vary greatly by your occupation and location. However, fidelity bonds are insurance and are usually optional to obtain.
It’s a guarantee that you will complete the work and fulfill your contractual obligations. Think of it as insurance for the public, not your business.
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!